$100,000-a-month Manhattan rentals have risen sevenfold so far in 2026, while leases above $50,000 have more than doubled, as brokers say ultra-wealthy New Yorkers increasingly choose to rent.
July median Manhattan rent hit a record $5,000 and average rent climbed 15% from a year earlier to $6,306; luxury rents for the top 10% surged 35% to $17,464, or $121 per square foot.
Record-low inventory of high-end homes for sale is pushing cash-rich buyers into temporary rentals while they wait for trophy properties, with some able to afford $20 million to $50 million homes.
Flat or falling Manhattan resale prices and the new pied-a-terre tax on high-value second homes are also making ownership less attractive, helping create a fast-growing off-market trade in mega-rentals.