Manhattan luxury rents climb as high-end home tax reshapes buyer choices

Manhattan’s luxury rental market is setting records, with some apartments renting for more than $100,000 a month. Rentals above $100,000 increased sevenfold from last year, while those above $50,000 more than doubled. The top 10% of rents rose 35% to an average of $17,464 a month, and the median rent reached $5,295 in July.

A new tax on high-value homes that are not primary residences is prompting some wealthy buyers to consider renting instead. The policy covers certain properties valued above $5 million and is being challenged in court, while the city’s tax process has resumed during the legal fight. Real estate executive Eddie Shapiro said the tax is contributing to the trend alongside inflation, demand and broader economic conditions.

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