A “For Rent” sign is seen outside an apartment building in the East Village neighborhood of New York, July 12, 2022.
Gabby Jones | Bloomberg | Getty Images
Manhattan renters may have reached their “affordability threshold” in August, as median rents remained at a 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. Average rents also held their record, at $5,552 a month.
Brokers said supply is low due to a lack of new rental buildings, while buyers who would normally be looking to purchase apartments are…