Real Estate

Manhattan median rent remains at record high


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…


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