--- title: "Manhattan luxury rents hit records as the pied-à-terre tax nears" description: "Apartments renting for more than $100,000 a month are up sevenfold, and owners and buyers are weighing rent, residency or tax." url: https://real-estate.skoop.news/manhattan-luxury-market-booms-as-wealthy-buyers-shrug-off-pi-ac7e75/ published: 2026-10-27T07:37:11.715969-04:00 modified: 2026-10-27T07:37:11.715986-04:00 section: "Real Estate & Mortgages" publisher: "skoop.news" language: en keywords: ["Manhattan", "Michelle Griffith of Douglas Elliman", "Upper East Side", "Corcoran Group", "Gary Malin", "Pam Liebman", "Trump Tower", "York", "CNBC", "Mamdani"] hashtags: ["#UpperEastSide", "#CorcoranGroup", "#Rent", "#realestate", "#housing"] image: https://thumb.wikimedia.org/wikipedia/commons/thumb/3/3d/New_York_City_%28New_York%2C_USA%29%2C_Manhattan_--_2012_--_6703.jpg/1280px-New_York_City_%28New_York%2C_USA%29%2C_Manhattan_--_2012_--_6703.jpg?utm_source=commons.wikimedia.org&utm_campaign=imageinfo&utm_content=thumbnail --- # Manhattan luxury rents hit records as the pied-à-terre tax nears > Apartments renting for more than $100,000 a month are up sevenfold, and owners and buyers are weighing rent, residency or tax. Published 2026-10-27 · Updated 2026-10-27 · Real Estate & Mortgages, [skoop.news](https://skoop.news/) ## In brief - Seven times as many Manhattan apartments rent for more than $100,000 a month compared with last year, and rentals above $50,000 have more than doubled, according to market data cited by CNBC [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). - A record low supply of high-end properties for sale has pushed cash-flush buyers into rentals while they wait for their dream home [[2]](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/). - The tax is projected to raise at least $500 million a year for the city [[2]](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/). ## Rentals above $100,000 multiply Seven times as many Manhattan apartments rent for more than $100,000 a month compared with last year, and rentals above $50,000 have more than doubled, according to market data cited by CNBC [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). Wealthy buyers have another reason to rent, because of the city's pied-à-terre tax [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). The average rent for the top 10% of the Manhattan market jumped 35% over the past year to $17,464 a month, about $121 per square foot annually [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). Manhattan's median rent hit a record $5,295 in July, up 6% from a year earlier, according to a Corcoran Group market report [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). ## Why buyers are renting A record low supply of high-end properties for sale has pushed cash-flush buyers into rentals while they wait for their dream home [[2]](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/). Corcoran's Pam Liebman said the sharp increase in rentals following the tax announcement suggests some prospective purchasers may be choosing flexibility over ownership [[2]](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/). Some owners are adding to that pool. Corcoran's Gary Malin said some New York homeowners have leased out luxury properties to avoid the pending pied-à-terre tax [[2]](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/). ## The tax and the pushback The tax is projected to raise at least $500 million a year for the city [[2]](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/). The city sent initial notices to about 17,000 property owners about the tax [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). Three homeowners sued the Mamdani administration, arguing the city wrongly forced New Yorkers to prove they live in their homes instead of first determining which properties should be hit with the tax [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). President Trump, whose Trump Tower apartment could fall under the new levy, has criticized the tax publicly [[2]](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/). Reisor said the upcoming levy isn't stopping wealthy buyers from investing in Manhattan, and that there is a price to being in Manhattan that people deem worth it [[3]](https://www.realtor.com/news/trends/manhattan-luxury-market-prices-pied-a-terre-tax-olshan-october-26-2026/). ## The sales market last week The Upper East Side was the most popular area last week, and condos outsold co-ops [[3]](https://www.realtor.com/news/trends/manhattan-luxury-market-prices-pied-a-terre-tax-olshan-october-26-2026/). Michelle Griffith of Douglas Elliman attributes the luxury market's strength to lack of inventory and an exorbitant rental market [[3]](https://www.realtor.com/news/trends/manhattan-luxury-market-prices-pied-a-terre-tax-olshan-october-26-2026/). Griffith says turnkey properties have disappeared and many buyers are now willing to renovate [[3]](https://www.realtor.com/news/trends/manhattan-luxury-market-prices-pied-a-terre-tax-olshan-october-26-2026/). ## What this means for you If you own a Manhattan home, you are deciding whether to raise rents, declare New York your primary residence, or take on tens of thousands of dollars in additional taxes [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). If you received one of the roughly 17,000 notices, many recipients can contest the designation [[1]](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax). If you are shopping for a high-end home, the low supply of properties for sale is the reason many buyers are renting while they wait [[2]](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/). Turnkey properties have disappeared, and many buyers are now willing to renovate [[3]](https://www.realtor.com/news/trends/manhattan-luxury-market-prices-pied-a-terre-tax-olshan-october-26-2026/). ## Sources 1. [Luxury real estate CEO gives blunt response as NYC rents soar over $100K amid new pied-à-terre tax](https://www.foxbusiness.com/real-estate/luxury-real-estate-ceo-gives-blunt-response-nyc-rents-soar-over-100k-amid-new-pied-a-terre-tax) — Fox Business Network 2. [Manhattan's luxury rental market skyrockets -- reaching $100K a month amid pied-à-terre tax](https://nypost.com/2026/09/01/real-estate/manhattans-luxury-rents-reach-100k-a-month/) — New York Post 3. [Manhattan Luxury Market Booms as Wealthy Buyers Shrug Off Pied-à-Terre Tax](https://www.realtor.com/news/trends/manhattan-luxury-market-prices-pied-a-terre-tax-olshan-october-26-2026/) — Realtor.com Image: Photo: Dietmar Rabich / Wikimedia Commons, CC BY-SA 4.0 (https://commons.wikimedia.org/wiki/File:New_York_City_(New_York,_USA),_Manhattan_--_2012_--_6703.jpg) --- Written from the sources above and checked twice (rules and an independent model) before publishing. How we work: https://skoop.news/how-we-work/ · Corrections: https://skoop.news/corrections/