Real Estate

Average rent in Manhattan was a record $5,000 last month


A Chelsea Tower rental apartments billboard.

Jeff Greenberg | Getty Images

The average monthly rent for a Manhattan apartment surpassed $5,000 for the first time — and brokers say demand and prices are headed even higher into the fall.

The average apartment rent in June was $5,058, the highest on record, according to a report from Miller Samuel and Douglas Elliman. Average rental prices were up 29% over last year, while median rent was up by 25% to $4,050 a month.

Aside from pricing out many renters, the increases could have knock-on effects amid broader inflation pressures. Rents are a key component of the government’s consumer price index, which increased 9.1% from a year ago in June,…


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