Rent in Manhattan has hit a record high for the third time in four months.
A new report from the Douglas Elliman Brokerage and appraisal firm Miller Samuel found the median cost of renting an apartment in Manhattan reached $4,400 in July.
That's up 6% from a year ago and up 2.3% from June, when rents were at $4,300.Brokers say part of the reason rents remain so high is because mortgage rates remain elevated, keeping some people from buying a home.
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The average Manhattan rent just hit a new record of $5,588 a monthRents in Manhattan hit a new high in July, as higher interest rates and low supply continued to drive up prices.
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