Manhattan Rents Rise at Record Rate – NBC New York

Whilst Manhattan’s largest employers say they’re planning to cut back workplace area and lower employees, rents within the borough are rising at the quickest tempo on document.

Median rents in Manhattan rose 18% in October over a yr earlier, in keeping with the month-to-month Elliman Report from brokers Douglas Elliman and appraisers Miller Samuel. When factoring in concessions, half of all residences within the borough, no matter measurement or doorman standing, now hire for $3,382 a month or extra.

The October positive aspects had been pushed by rents in doorman buildings, the place costs rose a full 25% yr over yr.

Supply: Elliman Report

The rental information comply with an earlier report on Manhattan gross sales that additionally confirmed a pointy leap. Newly signed co-op contracts rose 23% in October versus a yr earlier, whereas new apartment contracts surged 77%.

The findings stand in stark distinction to a report launched Wednesday by the Partnership for New York Metropolis, a nonprofit whose members make use of greater than 1 million Manhattan workplace staff.

Their newest survey discovered that one in three employers plan to cut back their Manhattan workplace area over the following 5 years — and one in six plan to cut back their New York Metropolis headcount altogether.

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