Manhattan Rents at Record Highs Hint at More Increases to Come

Manhattan’s apartment market is heading into its most competitive months of the year with rents already at record highs. They’re only likely to continue rising through the summer.

The $4,500 median monthly rate for April’s new leases ties the level first reached in February and missed by just $5 in March, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman.