Median rent for an apartment in Manhattan climbed to $4,150 a month in July, surging 29% from a year ago, according to a monthly report from brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. It is up 2.5% from June.
The average rent, which crossed over the $5,000 a month threshold last month, also hit a record high of $5,113 a month.
And it is expected that rents will climb even further in August, which marks the final month of the annual peak rental season, said Jonathan Miller, president and CEO of Miller Samuel.
“It will continue, at a bare minimum through next month, because more demand is anticipated putting upward pressure on prices,” he said.
Will rents continue to climb?
But what happens after August? While the rental market in Manhattan may cool, apartments aren’t expected to become much more affordable.
“The opposite of ‘rising rents’ isn’t necessarily ‘falling rents’,” said Miller, adding it could be that prices continue to rise, just not…
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