“Rents are within a whisker of the summer high, and it is only January, which is typically a weaker rental time,” said Jonathan Miller, president and CEO of Miller Samuel.
It seems to confirm that rents aren’t going to go down.”The median cost of renting an apartment in Manhattan was $4,097 in January.
A one bedroom had a median rent of $4,000, up 14.3% from last year, while a two bedroom had a median rent of $5,532, up 11.8%.
Since rent peaked in the summer, there was an expectation that rents would deteriorate during the fall and winter, said Miller.
“The opposite of rising rents is not necessarily falling rents, it is stabilizing rents,” Miller said.