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NYC Rents Hit New Heights | Real Estate News
Manhattan just shattered a record with median rent hitting $5,000 for the first time ever — up 6.4% from last year — as available apartments plummet nearly 40%, the lowest in two years. Brooklyn’s median rent also hit a new high at $4,500, climbing 6.6% annually. Both boroughs are seeing prices surge faster than inflation, mirroring post-pandemic trends. Fewer listings on the market — driven by new second-home taxes and landlords avoiding broker fees — are tightening supply. Meanwhile, Brooklyn’s rent growth is outpacing Manhattan’s, narrowing the gap. Rising mortgage rates are keeping…
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