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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.

Apartment buildings in New York.

Photographer: Jeenah Moon/Bloomberg

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