Median rents in Manhattan hit a record in January, fueled by a strong job market and tight supply.
"We're not seeing rents fall in any meaningful way" said Jonathan Miller, CEO of Miller Samuel, a real estate appraisal and research company. "They're really just moving sideways."
New leases in January surged 8% over December and rose 9% over January 2022 suggesting that while prices are high, renters are still willing to pay them. Joshua Young, executive vice president and managing director of sales and leasing at Brown Harris Stevens, said the rental strength is "a tale of two cities."
"They're sitting and waiting in rentals until prices come down," he said. "They don't want to be the one who buys and overpays for a property that will be worth less in six months."
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