Manhattan rents soared near record highs the month before socialist Zohran Mamdani won the city\u2019s mayoral election.<\/p>\n
The median rent on new leases was $4,600 in October \u2013 up 7.1% from the previous year and 1.1% on a monthly basis, according to appraiser Miller Samuel Inc and brokerage Douglas Elliman.<\/p>\n
That\u2019s the third-highest figure on record, disappointing New Yorkers who typically see prices cool in the fall season.<\/p>\n
Manhattan rents soared near record-highs the month before socialist Zohran Mamdani won the city\u2019s mayoral election. James Keivom<\/p>\n
Likewise, apartment hunters have found little relief from eye-popping prices in other boroughs.<\/p>\n
The median rent on a Brooklyn lease in October was $3,850 \u2013 up 6.9% from previous year and the third-highest number on record.<\/p>\n
In Northwest Queens, including Astoria and parts of Long Island, the median rent jumped to $3,598 \u2013 up 7.4% on a yearly basis.<\/p>\n
Nevertheless, apartment hunters were active in October amid a low housing supply, pushing rents up, Jonathan Miller, president of Miller Samuel, told Bloomberg<\/a>.<\/p>\n Mamdani ran his campaign on such affordability issues \u2013 promising to freeze the rent on rent-stabilized apartments, offer free buses and open city-owned grocery stores.<\/p>\n Housing costs have continued to climb for renters, who account for two out of three NYC residents.<\/p>\n Cost-of-living was top of mind for voters<\/a> in recent elections across the country, which saw many Dems \u2013 including Mikie Sherrill and Abigail Spanberger in the New Jersey and Virginia gubernatorial races \u2013 clinch victories.\u00a0<\/p>\n The median rent on new leases was $4,600 in October \u2013 the third-highest figure on record. Christopher Sadowski<\/p>\n A whopping 72% of voters in New York City noted that housing costs, specifically, are a major problem, according to an NBC News exit poll<\/a>.<\/p>\n