The average monthly rent in Manhattan was $5,058 in June. That's up nearly 30% from a year ago and marked the first time the average has gone above $5,000 a month.
The median monthly rent paid by a tenant for a condo or coop in Manhattan climbed to $4,050 in June, up nearly 25% from a year ago and setting a new record high for the fifth month in a row, according to a report from brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. The median rent -- which is the mid-point of all rents -- just rose above $4,000 a month for the first time in May.
And little relief is expected for renters in the near term, said Miller."New leasing activity in Manhattan doesn't peak until the end of the summer," said Miller."Barring a recession, we're expecting a seasonal increase in demand, putting more upward pressure on rents.
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