Manhattan Apartment Rents Reach Record High Despite Mamdani's Housing Affordability Platform

Zohran Mamdani indicated that he and his spouse are prepared to relocate to the mayoral residence in Manhattan.

Manhattan apartment rents climbed to unprecedented levels in November, coinciding with Zohran Mamdani's mayoral election victory, which largely centered on addressing housing affordability issues.

According to data compiled by appraiser Miller Samuel Inc. and brokerage Douglas Elliman, new lease agreements reached a median price of $4,750 in November, representing a 13% increase year-over-year and a 3.3% rise from October.

Notably, all pricing metrics—median, average, and price per square foot—achieved record highs in November, based on data tracking back to 2008.

Jonathan Miller, president of Miller Samuel, stated that these latest figures "solidifies the idea that there is no exodus and there is no Mamdani effect."

"In fact, there are people coming to the city and not enough supply," he emphasized.

The rental market traditionally experiences a slowdown during October and November as New Yorkers enter the holiday season. However, this year bucked the trend with increased new leasing activity in Manhattan compared to the previous year, and approximately one in four apartments rented above asking price.

Miller attributed this unseasonable surge primarily to the upper half of the market.

The premium segment, representing the top 10% of Manhattan rentals, experienced greater price increases than all other categories, rising nearly 18% annually to a median of $11,500 in November.

Larger apartments featuring three or more bedrooms saw the most substantial annual gains compared to other rental properties, increasing by 27% to a median of $8,500.

"The luxury market is where the strength is for both the rental and sales market," Miller observed, noting that rising rents are also supported by wage growth among the highest earners. "That says something about the inbound migration in the city."

Rent prices continued their upward trajectory in some of the city's outer boroughs as well.

Brooklyn's median lease rent reached $3,804 in November, reflecting an 8.7% increase from the previous year. In Northwest Queens, encompassing neighborhoods like Astoria and Long Island City, median rents rose 1.5% year-over-year to $3,510.