Manhattan apartment rents surged to new record highs in February, driven by intensifying competition as the spring housing market begins early.
Last month, signed new leases in Manhattan rose 6.4% to $4,500—$100 higher than the previous record set in the summer of 2023—according to Bloomberg, citing new data from appraiser Miller Samuel and brokerage Douglas Elliman.
"It's one of the most challenging times to be a renter," said Jonathan Miller, president of Miller Samuel, adding, "It's really an irrational market because such a large swath of it is driven by irrational bidding."
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