Manhattan renters may have reached their "affordability threshold" in August, as median rents remained at record high, according to a new report.
The median rent in Manhattan in August was $4,370 a month, unchanged from the record high in July, according to data from brokerage firm Douglas Elliman and the appraisal and research firm Miller Samuel.
The drop suggests that while asking rents for new leases are high, renters are balking at the prices.
In short, Manhattan renters may have reached their price limit.
According to Redfin, the median national rent in August was $2,052, just $2 below the record-high last year.
Persons:
Douglas Elliman, Miller Samuel, Jonathan Miller, Miller, Redfin
Organizations:
Brokers
Locations:
East Village, New York, Manhattan