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Manhattan rents remain high, defying winter slowdown and removing the word affordable from conversations

Edited by Laura Stewart, Editor at LinkedIn News

Manhattan’s rental market isn’t showing signs of slowing down.

The median rent for new leases remained near a record high of $4,720 in December, a nearly 9% increase from last year, Bloomberg reports. Despite the usual winter slowdown, competition remained fierce, leading to a 16% drop in available listings compared to the previous year, according to Douglas Elliman and Miller Samuel.

Prices for both home sales and rentals in Manhattan have increased, indicating that prices will likely remain high, Jonathan Miller, president of Miller Samuel, told Bloomberg.