Manhattan Apartments Hit $4,000 Median — and It's Going to Get Worse
Competition, already fierce, will only intensify as the apartment market’s busiest season gets underway.
Apartment buildings in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Manhattan apartment rents continued skyrocketing last month, with the median hitting $4,000 for the first time on record.
Rates on new leases jumped 25% from a year earlier to reach that benchmark dollar figure, an all-time high in three decades of data-keeping by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.