Manhattan's Luxury Rental Market: A New Era of Affluence? The notion that renting is for those who can't afford to buy has been upended in Manhattan's luxury rental market.
Median rents have reached an all time high, with a 15% increase from last year, according to the Real Deal Report. The average rent now stands at $5,000 per month.
Ultra wealthy individuals are driving this growth, opting to rent rather than buy due to the dwindling supply of high end properties for sale in Manhattan.