For months, record rents have been the norm for Manhattan.
December was no different, when median rent for a brokered, market-rate lease in Manhattan was $4,720, the second-highest number on record, according to a new report from Miller Samuel for Douglas Elliman. The number also marks a 9 percent annual increase.
The numbers show that despite flagging mortgage rates and a change in the season, high demand is the dominant force in New York City’s rental market.
“We’re not expecting any relief for tenants in 2026,” said report author and appraiser Jonathan Miller.
The trend in high rents started in February 2025, odd considering rents usually spike in the summer. But they continued on a tear, reaching a $4,750 per month median in Manhattan in November.
Although elevated mortgage rates may have contributed to the trend by keeping would-be buyers renting, their decline hasn’t put an end to high rents.
In fact, both the sale and rental markets are seeing price growth, Miller said. The two usually counter one another, meaning high demand and inbound migration of affluent consumers has likely altered the market, he said. About one-fifth of all leases ended with a bidding war in Manhattan, with renters paying about 9 percent above asking price.
“Supply and vacancy remain below long-term averages, so the market remains generally tight,” Miller said.
Despite talk of a “K-shaped” economy, with the rich pulling away from the general populace in terms of income and spending, Miller said we’re not yet seeing a total bifurcation of the market. Median rents for doorman and non-doorman buildings alike are growing at similar rates.
In Brooklyn, median rent was $3,850, a more than 10 percent rise from one year ago. About 30 percent of leases were the result of a bidding war in the borough.
In northwest Queens, including the neighborhoods of Astoria, Sunnyside, Woodside and Long Island City, median rent was $3,652 per month. That represented a 7.6 percent jump from a year prior.