Manhattan median rents hit record high with nearly 10% increase over a year

Source: New York Post

Manhattan rents reached an all-time high last month after surging 7% year-on-year — with the market showing no signs of cooling any time soon, as supply dwindles but demand remains steady. That equated to an eye-watering $5,125 per month median rent in the Borough in May, Crain’s New York reported, citing an analysis from real estate company The Corcoran Group. The increase was part of a trend that’s been creeping steadily upward — median Manhattan rents rose 1% from April to June.