Manhattan's average monthly rent hits record high for 5th straight month
NEW YORK -- Living in New York City has always been expensive, but not like this.
The average monthly rent in Manhattan was just over $5,000 for the month of June, according to Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants.
The brokerage firm says that's about a 25 percent hike from the year before and a new record high for the fifth month in a row.
Analysts say one reason costs are up is would-be home buyers who paused their searches and decided to rent inside.
Read more