Manhattan Rents Climbed in Month Before Mamdani Victory (1)

Manhattan rent prices ticked higher in the month before Zohran Mamdani won New York City’s mayoral election on promises to improve affordability.

The median rent on new leases signed in October was $4,600, up 7.1% from a year earlier and 1.1% from the prior month, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman. This was the third highest on record.

Typically, New York’s rental market cools in the fall, but apartment hunters remained active last month, said Jonathan Miller, the president of Miller Samuel. A decline in inventory is keeping prices elevated, with ...