The median rent for a Manhattan apartment in November hit $4,033, up from $3,964 in October, according to a report from Douglas Elliman and Miller Samuel. The rise in New York rents also adds pressure to overall inflation, since rents are a large component of inflation indexes and New York is the nation's largest rental market. Brokers and real-estate experts say landlords over-reached when they started renewing the leases signed in 2020 and 2021, often demanding rent increases of 20% or more. The vacancy rate in November was 2.4% — still below the historical norm in Manhattan of about 3%, according to Miller Samuel. Real-estate experts say the big drop in new leases, if it continues, will eventually force landlords to meet renters at a lower price point.

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