(ZEROHEDGE) – Manhattan apartment rents jumped again in June on a relentless climb into uncharted territory. A combination of low supply, soaring interest rates, and increasing demand implies leasing activity will keep climbing through August and push median average rents in the city well over the $4,000 mark.
Bloomberg reports new data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate that shows average apartment rents in Manhattan topped $4,050, a new record high. It was an increase of $50 over May when prices breached the $4,000 mark for the first time. Prices from a year ago are up a whopping 25%. Average rents for most-expensive units topped $5,000 for the first time, the firms said in the report.
Rents are smashing records and will increase further this month and August, mainly because of seasonal flows.
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