Despite a loss in population during the pandemic, average rents in Manhattan are now up 30% compared to 2019.
The average monthly rent in July was $5,588, up 9% over last year and marking a new record. Median rent, at $4,400 per month, also hit a new record, along with price per square foot of $84.74, according to a report from Miller Samuel and Douglas Elliman.
It was the fourth time in five months that Manhattan rents hit a record.