Manhattan Rents Jump to a Record as Hot Market Hits Peak Season
Apartment hunters face bidding wars, with more competition to come before demand eases.
An apartment building in New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Manhattan apartment rents continued their upward climb in July as the hottest market in decades hits its busiest leasing season.
The median rent on new leases last month was $4,150, up 2.5% from June and 29% from a year earlier, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.