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Manhattan Apartment Rents Jump as Vacancies Rate Tumbles

Manhattan apartment rents jumped last month, extending a surge in costs as availability tightens during the market’s peak season.

The median monthly rent rose 3.3 percent in June from a year earlier to $3,300, according to a report today by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. A separate report by brokerage Citi Habitats showed the average rent reached $3,470, the highest in records dating to 2002.