Manhattan Rents Fall For First Time in Two Years

Although rents fell by 2% in November, Manhattan still holds the number one spot for the highest rents in the country.

A New York City street in the sunshine.
(Image credit: Getty Images)

Manhattan rents fell for the first time in over two years as the number of empty apartments increased and renters held out for price cuts, according to a report released Thursday, moving the scales on the balance of when renting is smarter than buying.

Of course, Manhattan rents are still the highest in the country — 11% higher than before the pandemic — despite the median rent in Manhattan falling 2% in November, from $4,095 to $4,000, according to the report by Douglas Elliman and Miller Samuel, Inc. Real Estate Appraisers and Consultants. The drop marks the first year-over-year decline in median prices in 27 months, according to the report.

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Kathryn Pomroy

For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.