Manhattan rents are rising at a record rate in a stunningly quick turnaround from months of virtually unprecedented lows sparked by the pandemic.
In the borough the net effective median rent, or the rent including concessions, saw a record increase year over year in November, the second month in a row, according to the latest report from Douglas Elliman. Prices rose by 22.8%, shooting up from $2,743 in November 2020 to $3,369 last month. The share of apartments with landlord concessions, the listing inventory and the vacancy rate all dropped at milestone rates for the fourth month in a row.
The pace of recovery in Manhattan’s rental market
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