Rent in Manhattan hits record high for 3rd time in 4 months, report says
NEW YORK -- Rent in Manhattan has hit a record high for the third time in four months.
A new report from the Douglas Elliman Brokerage and appraisal firm Miller Samuel found the median cost of renting an apartment in Manhattan reached $4,400 in July. That's up 6% from a year ago and up 2.3% from June, when rents were at $4,300.
- Related story (5/18/23): Rent in Manhattan hits record high for second month in a row
Brokers say part of the reason rents remain so high is because mortgage rates remain elevated, keeping some people from buying a home.
