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Friday, February 15, 2019

Hesitant Homebuyers Give Manhattan’s High-End Rental Market a Boost - Mansion Global

Hesitant Homebuyers Give Manhattan’s High-End Rental Market a Boost - Mansion Global: More would-be luxury home buyers in Manhattan have opted to rent amid a raft of economic uncertainties and are driving up rent prices in the process, according to the latest market-wide figures from brokerage Douglas Elliman.

The median luxury rental price in Manhattan jumped to $8,600 in January, an increase of 7.5% compared to last year, according to the data published Thursday. The growth in high-end rental prices reflects wealthy New Yorkers, who would otherwise buy, choosing instead to ride out recent stock market volatility, the ill-defined effects of the 2017 tax reform and a generally soft housing market in New York by renting instead.