{"id":275389,"date":"2026-06-23T16:10:05","date_gmt":"2026-06-23T16:10:05","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/275389\/"},"modified":"2026-06-23T16:10:05","modified_gmt":"2026-06-23T16:10:05","slug":"manhattan-rents-soar-to-over-5100-a-month-report","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/275389\/","title":{"rendered":"Manhattan Rents Soar to Over $5,100 a Month: Report"},"content":{"rendered":"\n

The median rent in Manhattan in May surpassed a previous record set only in April this year, reaching $5,125 per month, according to a new real estate report.<\/p>\n

In a May NYC rental market report, The Corcoran Group, a real estate brokerage firm, announced that the May median rent had increased<\/a> by 1 percent, surpassing the previous all-time high median set in April, which had sat at $5,099. In a market that already has seen a 7% annual increase in prices across all property types, the group also reported new average rent highs for studios and one-bedroom apartments, reaching $3,999 and $5,305 respectively in May.<\/p>\n

Gary Malin, Chief operating officer of The Corcoran Group, said the market increases reflect skyrocketing demands for city living.<\/p>\n

\u201cMuch to the frustration of tenants, Manhattan\u2019s median rent reached yet another new all-time high in May, hitting $5,125 as demand continues to outpace a persistently constrained supply environment,\u201d Malin wrote in the report. \u201cWe\u2019re seeing record pricing across multiple unit types, particularly in studios and one-bedrooms, as renters compete for a shrinking pool of available apartments.\u201d<\/p>\n

Increases in housing market prices contribute<\/a> directly to household financial struggles, according to a Fund for the City of New York report.<\/p>\n

On average, for every 100 units in Manhattan, fewer than two units are available at any present time, according to the report. In May, the vacancy rose to 1.57%, a slight increase from April\u2019s 1.55%. The group reported that there were only 4,956 active listings in Manhattan during the month of May, a slight 4% increase from April\u2019s listing numbers. Despite the increase, the group noted that listings have declined by 21% each year.<\/p>\n

\u201cThe Vacancy remains historically tight and listings are down sharply year-over-year, driven by limited new development, a high rate of lease renewals, and city policy-driven outcomes that have slowed new construction and reduced inventory coming online,\u201d Malin wrote.<\/p>\n

The report comes just after NYC Mayor Mamdani announced<\/a> his new housing plan: \u201cBlock by Block: The Housing Plan for A New Era\u201d which, among other things, looks to tackle the housing affordability crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"The median rent in Manhattan in May surpassed a previous record set only in April this year, reaching…\n","protected":false},"author":2,"featured_media":275390,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[76247,75,84,83,9,24,63],"class_list":["post-275389","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-corcoran-group","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\/275389","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=275389"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/275389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/275390"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=275389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=275389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=275389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}