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July data shows Manhattan rents at a new high

Manhattan luxury rents reached new record levels as wealthy tenants drove demand higher. In July, the median rent hit $5,000, the highest on record, while average rent rose 15% from a year earlier to $6,306.

Jonathan Miller’s Real Deal Report showed that price gains accelerated especially in the upper end of the market. In the luxury rental segment, which makes up the top tier of the market, average monthly rent rose 35% over the past year to $17,464, while average rent per square foot reached $121.

Why are more high earners renting instead of buying?

Some wealthy New Yorkers are choosing to keep renting even though they have the means to buy. Key reasons include the historically low supply of high-end homes on the market and buyers’ decision to wait until they find the kind of property they want.

  • Very limited supply of luxury homes for sale
  • Resale prices in Manhattan falling or moving sideways
  • A new pied-à-terre tax on high-value second homes

According to The Corcoran Group CEO Pam Liebman, the sharp increase in rentals after the tax was announced suggests that some potential buyers are choosing flexibility over ownership.

Sharp jump in rents above $50,000 and $100,000

The influx of affluent tenants has also created a new mega-rental segment in Manhattan. The number of rentals above $50,000 a month has more than doubled so far this year compared with 2025, while transactions above $100,000 have increased sevenfold.

Ultra-luxury apartments are often marketed quietly

Bespoke Real Estate broker Laura Klein handled a penthouse in Chelsea that rented for $177,000 a month. Klein’s listings also include rentals in Tribeca for $175,000 and on the Upper East Side for $95,000; these apartments are often marketed not through public listings but quietly through a limited network of high-end brokers.

Many property owners do not need the rental income, but strong demand is pushing them toward leasing. Temporarily renting out homes that could fetch tens of millions of dollars if sold is shifting part of Manhattan’s buying demand into the rental market, adding more pressure on prices.

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