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The median monthly rent paid by a tenant for a condo or coop in Manhattan climbed to $4,050 in June, up nearly 25% from a year ago and setting a new record high for the fifth month in a row, according to a report from brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. The median rent — which is the mid-point of all rents — just rose above $4,000 a month for the first time in May.
The average monthly rent — which is the sum of all rents divided by the number of rents included in the data — was even higher at $5,058 in June. That’s up nearly 30% from a year ago and marked the first time the average has gone above $5,000 a month.
Rents were pushed higher, in part, by would-be home buyers who decided to put their search on hold and rent instead, said Jonathan Miller, president and CEO of Miller Samuel.
“You have more people pivoting, they were on the margin to buy a home, but now with mortgage rates spiking, they are in the rental market,” said…
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