The rental market in New York is growing. Average cash rent in Manhattan in November increased 16.7% year-over-year, according to the latest rental reports from broker Douglas Elliman and real estate appraisal firm Miller Samuels.

According to the report, other records were broken in November. Franchise market share has fallen at a record pace for the fourth month in a row, indicating that homeowners are less likely to offer bonuses, such as free or free months, to make money and attract potential tenants.

In the same way, the vacancy rate in Manhattan has also reached a new record.