Manhattan Rent Prices Surge to Record Highs, Impacting Housing Market
Manhattan's rental market has reached unprecedented levels, with median rent prices hitting nearly $4,800 in November 2025, marking a 13% increase from the previous year. According to a report by Miller Samuel for Douglas Elliman, the average rent in Manhattan rose to $5,686, a 1% increase from the previous month and a 13% annual rise. The report highlights a significant increase in the price per square foot, which reached $95, a 10.1% increase from last November. The luxury rental market, representing the top 10% of listings, saw median rents rise by 17.9% to $11,500. In Brooklyn, average rents increased by 8.8% year-over-year, with the average price per square foot rising by 16.9%. The report suggests a growing divide between buyers and renters, with luxury rentals diverging from the broader market trends. 
