Manhattan’s Q4 rental market: it was the best of times, it was the worst of times

The Manhattan rental market continues to display a “strange dichotomy,” as Douglas Elliman’s director of rentals Mark Menendez put it, with rents unseasonably strong at the high end, and both renters and landlords believing they can do better in other market segments. In December, the median rent for a Manhattan apartment rose 0.8 percent year-over-year, to $3,150 from $3,125 per month, according to Douglas Elliman’s December rental report, released today. However, the average rent climbed [more]