Manhattan Rents Hit New High As FARE Act May Send Prices Higher

Manhattan Rents Hit New High As FARE Act May Send Prices Higher

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Manhattan Rents Hit New High As FARE Act May Send Prices Higher  - Nemos News Network

Manhattan apartment rents hit another all-time high in May, with the median rent for new leases topping $4,571. The increase comes as demand is expected to rise over the summer, driven by lease turnovers and an influx of students ahead of the upcoming fall school year. Rents are likely to increase further following the passage of a new broker fee law. Bloomberg cited a new report from appraiser Miller Samuel Inc. and brokerage Douglas Elliman, w…

Manhattan median rent climbed to $4,571 in May, hitting a record for the third time

It’s painful to be a renter signing a lease in New York City these days. Manhattan median rent for new leases hit a new high in May for the third time in four months. Other rent metrics for Brooklyn and Queens also climbed to new records. Manhattan median rent reached $4,571 last month, an increase of 7.6 percent over the previous year and a small uptick from April, according to the latest edition of the Elliman Report for the Manhattan, Brookly…