{"id":268028,"date":"2026-06-15T23:55:42","date_gmt":"2026-06-15T23:55:42","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/268028\/"},"modified":"2026-06-15T23:55:42","modified_gmt":"2026-06-15T23:55:42","slug":"manhattan-median-rents-hit-record-high-with-nearly-10-increase-over-a-year-2","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/268028\/","title":{"rendered":"Manhattan median rents hit record high with nearly 10% increase over a year"},"content":{"rendered":"

Manhattan\u00a0rents reached an all-time<\/a>\u00a0high last month after surging 7% year-on-year \u2014 with the market showing no signs of cooling any time soon, as supply dwindles but demand remains steady.<\/p>\n

That equated to an eye-watering\u00a0$5,125 per month median rent in the Borough in May, Crain’s New York reported<\/a>, citing an analysis from real estate company The Corcoran Group.<\/p>\n

The increase was part of a trend that’s been creeping steadily upward \u2014 median Manhattan rents rose 1% from April to June.<\/p>\n

\"\"<\/p>\n

Manhattan median rents hit a record high $5,125 per month in May, a nearly 10% increase from the same time last year. jjfarq \u2013 stock.adobe.com<\/p>\n

Those costs are being driven by steady demand that continues to outpace supply, the Corcoran report found.<\/p>\n

“Much to the frustration of tenants, Manhattan’s median rent reached yet another new all-time high as demand continues to outpace a persistently constrained supply environment,” said Gary Malin, CEO of the Corcoran Group.<\/p>\n

“We’re seeing record pricing across multiple unit types, particularly in studios and one-bedrooms, as renters compete for a shrinking pool of available apartments,” he told Crain’s.<\/p>\n

The shrinking pool was severe in May \u2014 with 21% fewer listings from the month before.<\/p>\n

That was the fourth month in a row<\/a> that’s had a double-digit drop in listings, according to Crain’s.<\/p>\n

\"\"<\/p>\n

Manhattan rents are continuing to rise as demand remains steady but supply continues to dwindle. Tierney \u2013 stock.adobe.com<\/p>\n

No-doorman buildings set records in May for both median and average rents, at $4,496 and $5,710 per month, respectively.<\/p>\n

Buildings with doormen had a median rent of $5,333, slightly lower than the record set this year.<\/p>\n

And it wasn’t just Manhattan that saw<\/a> record rents \u2014 Brooklyn’s median rent in May rent hit $4,347, which was a 6% increase from the same time last year.<\/p>\n

The borough’s supply fared better, however, with only a 5% decrease in active listings.<\/p>\n

All those high prices seem to be affecting what renters are doing \u2014 with new leases across New York in May hitting 4,655, a 2% decline from April and a 6% drop from a year ago.<\/p>\n","protected":false},"excerpt":{"rendered":"Manhattan\u00a0rents reached an all-time\u00a0high last month after surging 7% year-on-year \u2014 with the market showing no signs of…\n","protected":false},"author":2,"featured_media":268029,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63],"class_list":["post-268028","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/268028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=268028"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/268028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/268029"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=268028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=268028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=268028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}