Elliman Report: Median Rent in Manhattan Hits an All-Time High

The median rent in Manhattan surged 25.2% annually in May, reaching the $4,000 threshold for the first time as lease signings continue to rise.

According to a monthly report on the rental market in Manhattan, Brooklyn and Queens, prepared for Douglas Elliman by appraisal firm Miller Samuel, “the market pattern of record rents, rising new leasing volumes, and diminishing [landlord] concessions” also pushed average rents to a record $4,975.

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