Manhattan Apartment Hunters Face Record Rents and Bidding Wars

Manhattan apartment rents hit a record high for the fifth time in the past six months.

New leases were signed at a median of $4,700 in July, up $75 from June, according to data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman. Rents surged 9.3% from a year earlier, the second-biggest annual jump in the firms’ data going back to 2008.