Apartment rentals New York with Average Manhattan Rents

Two new market reports released this week confirmed what we already knew but added a few twists to the story. According to both reports, rents in Manhattan for luxury rental apartments continued their upward year-to-year trajectory in March. These median and average rent increases were elevated by a dearth of landlord concessions, something that we at Luxury Rentals Manhattan wrote about previously. The real shocker was that one report found that the average rent in for rental apartments in Manhattan in March, not including concessions, reached $3,418 a month, breaking the previous all-time high set in May 2007. The picture isn’t quite as one-sided as it appears though. Hidden beneath all these highs, there are some signs that the scales may finally be tipping back in favor of renters.