Manhattan Rents Hit a Record in December. Will That Streak Continue?

When the COVID-19 outbreak first hit U.S. soil, New York City was dubbed its epicenter -- a distinction no city wanted. In 2020, Manhattan residents were quick to abandon the city, trading in their cramped apartments for larger homes in the remaining boroughs or nearby suburbs.

Things got so bad for Manhattan landlords at one point that they were forced to offer up concessions like free rent just to get leases signed. But these days, Manhattan's rental market paints a very different picture. In fact, Manhattan rents recently reached a record high for the month of December. And that's putting landlords in a very strong position.

In December 2021, the average apartment rent in Manhattan reached $4,440, per a report by Douglas Elliman and Miller Samuel. Meanwhile, the net effective median rent (which is the median rent price minus discounts) rose to $3,392. That represents the highest level on record for December and a 21% gain from the previous year.

Source Fool.com