Manhattan Rents Rise at Fastest Pace on Record

Median rent for a Manhattan apartment reportedly rose 18% in October -- even as the city's largest employers look to move work elsewhere

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Even as Manhattan's largest employers say they're planning to reduce office space and cut staff, rents in the borough are rising at the fastest pace on record.

Median rents in Manhattan rose 18% in October over a year earlier, according to the monthly Elliman Report from brokers Douglas Elliman and appraisers Miller Samuel. When factoring in concessions, half of all apartments in the borough, regardless of size or doorman status, now rent for $3,382 a month or more.

The October gains were driven by rents in doorman buildings, where prices rose a full 25% year over year.

Source: Elliman Report

The rental data follow an earlier report on Manhattan sales that also showed a sharp jump. Newly signed co-op contracts rose 23% in October versus a year earlier, while new condo contracts surged 77%.

The findings stand in stark contrast to a report released Wednesday by the Partnership for New York City, a nonprofit whose members employ more than 1 million Manhattan office workers.

Their latest survey found that one in three employers plan to reduce their Manhattan office space over the next five years -- and one in six plan to reduce their New York City headcount altogether.

Copyright NBC New York
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