What you should know
- Although the pandemic is ongoing and Manhattan’s largest employers say they plan to reduce office space and cut staff, rents in the district are increasing at the fastest pace on record.
- Median rents in Manhattan increased 18% in October from a year earlier, according to the monthly Elliman Report from real estate company Douglas Elliman and real estate appraisers Miller Samuel.
- When taking concessions into account, half of all apartments in the township, regardless of size or whether there is a doorman, now rent for $ 3,382 a month or more.
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NEW YORK – Although the pandemic is ongoing and Manhattan’s largest employers say they plan to reduce office space and cut staff, rents in the district are increasing at the fastest pace on record.
Median rents in Manhattan increased 18% in October from a year earlier, according to the monthly Elliman Report from real estate company Douglas Elliman and real estate appraisers Miller Samuel. When taking concessions into account, half of all apartments in the township, regardless of size or whether there is a doorman, now rent for $ 3,382 a month or more.
October’s gains were driven by rents in doorman buildings, where prices rose 25% year-on-year.
The rental data follows an earlier report on Manhattan sales that also showed a sharp increase. Newly signed cooperative contracts increased 23% in October compared to the previous year, while new condo contracts increased 77%.
The findings contrast with a report released Wednesday by the Partnership for New York City, a nonprofit whose members employ more than 1 million office workers in Manhattan.
Its latest survey found that one in three employers plans to reduce their office space in Manhattan over the next five years, and one in six plans to completely reduce their workforce in New York City.
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