Manhattan rents are higher than ever as the year comes to a close.
Median rent in Manhattan reached $4,750 last month, according to the monthly report from Douglas Elliman and Miller Samuel, which is based on new, brokered, market-rate leases. The boost spelled a 13 percent increase in prices year over year and the highest Manhattan rent ever recorded by the report.
The numbers bookend a banner year for Manhattan rents, which hit new all-time records five times in 2025. A combination of elevated mortgage rates, affluent new residents and tight supply has bolstered rents in the city’s wealthiest borough, according to Jonathan Miller, the report’s author.
“It has all the makings of a tight market,” Miller said. “There aren’t a lot of deals to be had.”
Manhattan median rents set their first record of the year in February, when they reached $4,500, and then kept climbing. Even though rents usually decline as both the temperature and demand cools, November came in $50 higher than the previous record, set in July ($4,700).
The higher end of the market has seen prices grow even faster than the borough-wide average. The median rent for the top 10 percent of apartments has grown more than 17 percent year over year, compared to the 13 percent city-wide growth rate.
That mirrors trends in the Manhattan sales market, Miller said, suggesting that instead of the same wealthy residents moving between renting and buying, the city is seeing an influx of affluent tenants. Meanwhile, Wall Street, responsible for more than 17 percent of the city’s economy, continues to bring in record profits, according to a recent report from the state comptroller. That puts money in the pockets of wealthier workers.
Brooklyn and Northwest Queens have seen robust rent growth, but not to the same extent as Manhattan, consistent with the growing bifurcation of the market.
Median rent in Brooklyn came in at $3,804 while Northwest Queens fell just slightly to $3,510. Rent in Brooklyn has increased nearly 9 percent year over year, compared to just 1.5 percent in the Queens neighborhoods of Astoria, Long Island City, Woodside and Sunnyside.
The local trend runs in contrast to the national picture, where rents have been mostly flat or slipping.
The rent numbers are sourced from residential brokers and don’t include unbrokered apartments, lease renewals, or rent-stabilized apartments.
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