After a retreat in the second half of 2023 from record-setting rent growth last summer, apartment rents in Manhattan are climbing again in 2024.
The median apartment rent in Manhattan rose to $4,230 in February, an increase of 1.9% over January's median of $4,150. The median rent is still lower than last August's record of $4,400, but it appears to be heading back in that direction.
Rents in Manhattan are nearly 21% higher than pre-pandemic levels, with the average rent per square foot following the same trajectory, rising 6.6% in February to $84.25, which is about 18% higher than pre-pandemic levels, according to a new Elliman Report.
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