Apartment rents in Manhattan rose an average of 5.9% to $3216 in September, the first increase since the early days of the epidemic in May and the biggest monthly increase since December 2019, according to a report released Thursday by Miller Samuel, a New York real estate appraisal agency, and Douglas Elliman, a real estate agency.
Demand for apartments surged as employers sent employees back to their offices in Manhattan, allowing landlords to charge higher rents.
Last month, Manhattan apartments sold at an average discount of 1.1% compared with the asking price, down from 4.5% a year earlier, according to the report. Landlords are also cutting incentives to attract tenants: 30 per cent of new leases signed in September include incentives such as partial rent waiver or intermediary fees paid by landlords, up from 55 per cent last year.