“Quirk” in luxury rental activity skews median prices in May

The universe of renters willing to shell out $15,000 a month may be small, but a flurry of pricey leases pushed Manhattan’s median rental prices higher last month. Thanks to a “quirk” in the luxury market, Manhattan’s median price rose 2.2 percent to $3,475, according to Jonathan Miller, head of appraisal firm Miller Samuel and author of Douglas Elliman’s monthly rental report. That coincided with the number of leases above $15,000 shooting up 95.6 percent […]