Record-breaking prices: Manhattan's median rent hit $4,700 in July—its highest point ever, and the fifth record in just six months.
Bidding wars have gone mainstream: Nearly 30% of renters went above asking price to secure an apartment, setting an all-time high for competition.
Pressure beyond Manhattan: Brooklyn and Northwest Queens are seeing sharp increases too—mixing rising rents with fierce competition, keeping pressure on the broader region.
What’s Really Behind the Madness
Despite any new listings hitting the market, demand is bonkers—high mortgage rates keep potential buyers renting, not buying. That keeps rent soaring even when options are limited.
The Bottom Line If You're Looking...
If you’re renting in Manhattan—or trying to—be prepared for a punishing market. These aren’t temporary spikes; they’re long-term signals of an affordability crisis playing out in real time.
