Manhattan real estate prices, rents soared to near record in November - Business Insider

Net effective median rent in Manhattan jumped 8.7% to $3,600 without concessions in November, according to a Thursday report from Miller Samuel Inc. and Douglas Elliman Real Estate. It's the second-highest level in nearly 12, according to the report. Gains in the luxury market fueled the blockbuster month after a slow summer for rentals. Read more on Business Insider. Landlords in Manhattan had a fantastic November. After a few months of small rent-price increases, net effective median rent in Manhattan jumped 8.7% to $3,600 without concessions in November, according to a Thursday report from Miller Samuel Inc. and Douglas Elliman Real Estate.Net effective rent now sits at its second-highest level in nearly 12 years, the data show. This measure of monthly rent hasn't seen a single year-over-year decline in 2019, according to the monthly report. November's blockbuster month was driven by outstanding performance in the luxury market, according to the report. The share of new leases at or above $10,000 reached its highest level in eight years. And, “super luxury rent,” the top 5% of the market, showed the highest annual gain, according to the report. In addition, landlord concessions — or incentives thrown in to make a lease more attractive, such as a month of free rent — fell. In November, 38.7% of leases included concessions, down from 42.2% a year earlier. Here are other highlights from the report: The median rent of one-bedroom apartments also rose to $3,600, a record high in 12 years of tracking and a nearly 6% increase from November 2018. Non-doorman median rent gained at the highest rate in seven years. Median rental price increased across the board for all price points and bedroom sizes.The number of new leases declined to 13.5% to the lowest number in nearly four years, showing that landlords were able to keep renewals high. New development rentals made up 8.5% of new leases, the highest market share in nearly five years.