Rents in New York City continued to rise in October, even as prices eased across much of the United States. According to a monthly report from appraisal firm Miller Samuel for Douglas Elliman, the median rent for a new, brokered, market-rate lease in Manhattan reached $4,600 last month. This marks a $50 increase from September and represents a 7 percent jump compared to the previous year.
Report author Jonathan Miller attributed New York’s resilience to its strong local economy. “Rents are still growing at more than twice the rate of inflation,” Miller said. “That encapsulates the affordability crisis in housing perfectly.”
The upward trend was not limited to Manhattan. In Brooklyn and Northwest Queens, median rents for new leases hit $3,850 and $3,598 respectively in October. Year-over-year increases were 6.9 percent in Brooklyn and 7.4 percent in Northwest Queens.
Typically, rents decline during cooler months due to decreased demand; however, this year October matched August as having the third-highest median rent on record for Manhattan. Nearly 18 percent of Manhattan leases were signed after bidding wars—an increase from last year.
Nationally, rents have softened amid rising unemployment and slower wage growth. Economic growth has been driven mainly by AI-related capital expenditures rather than broad-based gains, according to JPMorgan research. Increased development activity has also contributed to lower rents elsewhere.
In contrast, New York’s economy remains robust with the securities industry continuing to post record profits according to data from the state comptroller’s office. The luxury segment saw particularly sharp increases: Median rent for top-tier listings climbed 20 percent since last October to reach $11,995.
Mayor-elect Zohran Mamdani campaigned on improving affordability for renters and plans to influence the Rent Guidelines Board toward freezing prices on rent-stabilized apartments—which make up nearly half of city housing stock. While this could help tenants living in stabilized units, Miller noted it may accelerate rent growth for market-rate apartments as landlords seek ways to offset rising expenses.
“We’re still looking at upward pressure in rents going forward,” Miller said, “no matter how the economy performs.”
