'We're in many ways shocked, and we've been too busy to even think about it,' Douglas Elliman CEO Scott Durkin told CNBC on Thursday.
In November, the net effective median rent for Manhattan rose 16.7% compared with last year, according to the most recent rental report from brokerage firm Douglas Elliman and real estate appraisal firm Miller Samuel. That's the second-straight month of record rates.
Net effective median rent for the city as a whole has actually increased by 22.8% on a year-over-year basis, according to Douglas Elliman and Miller Samuel. While that is the highest increase in more than a decade, it's still slightly below 2019 levels, they said. Rents at the top half of the market continued to climb in November, compared with the lower half, according to Douglas Elliman and Miller Samuel. In Manhattan, the market share of rentals above $15,000 actually rose to its highest in over a decade.
"This market is the most polarized I've ever seen in my career," Miller said in a phone interview with CNBC. "The economic damage caused by the pandemic was much more severe for lower-wage earners than mid- and upper-tier. That's reflected in the strength of the upper half vs. the lower half."In Manhattan, for example, the gap between rents is widening for doorman vs. non-doorman buildings, which are roughly equal in number in that market.
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