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The average price for top-tier Manhattan rentals jumped 35% over the past year, to $17,464 a month, as high-end buyers sit out the sales market
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Manhattan's luxury rental market is hitting records as wealthy residents who could afford to buy choose to rent instead, according to CNBC.
That figure — drawn from the Real Deal Report by Jonathan Miller, Street Matrix's director of markets — marked a 35% jump over the past year, bringing the average luxury rental price to $17,464 a month. Across the broader market, the median Manhattan rent hit a record $5,000 a month in July, and the average climbed to $6,306 — a 15% gain from a year earlier.
