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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.

An apartment building in New York.

Photographer: Gabby Jones/Bloomberg

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.