Median apartment rents in Manhattan, New York, are up considerably in 2024, building momentum from 2023. In February 2024, median rent in Manhattan reached $4,290, according to a report by Douglas Elliman. This was the highest median February rent on record. It was also a two percent increase from January’s median rent and a 3.3 percent increase year-over-year.

In addition, median asking rents per square foot were up 6.6 percent yearly, hitting $84. This was 18 percent higher than in February 2020, pre-COVID-19.

A big reason Manhattan rents are trending upward in 2024 is demand. In February alone, new residential leases hit 4,349. This was an impressive 11 percent spike from January and a rise of 7 percent year-over-year. While this happened, vacancy rates declined to 2.49 percent. It was the first time vacancy rates went below 3 percent in six months. Furthermore, at 47 days, new listings spent 21 percent less time on the market in February than in January.

People who want to purchase homes stay longer at apartments as mortgage rates remain elevated. Experts had predicted a rate fall as the US Federal Reserve signaled it would cut interest rates in 2024. However, with no cut announced in the first quarter of 2024, mortgage rates are still high.