The average monthly rent in July was $5,588, up 9% over last year and marking a new record.
Median rent, at $4,400 per month, also hit a new record, along with price per square foot of $84.74, according to a report from Miller Samuel and Douglas Elliman.
It was the fourth time in five months that Manhattan rents hit a record.
Despite a loss in population during the pandemic, average rents in Manhattan are now up 30% compared to 2019.
Yet despite the population loss and rise of remote work, Manhattan rents continue to soar.
Persons:
Fatih Aktas, Miller Samuel, Douglas Elliman, Jonathan Miller, Miller, What's, Janna Raskopf
Organizations:
Anadolu Agency, Getty, Kastle Systems
Locations:
Manhattan, New York, United States, U.S