Manhattan rents continue to soar to new heights.
The average rent in June surged 7% year over year to an all-time high of $5,450 as prices increased for the seventh consecutive month, according to the appraisal firm Miller Samuel reported in tandem with realtor Douglas Elliman.
The median rent also broke its previous record, climbing 7.6% year over year to $4,625, according to the report.
Manhattan rents soared to new heights in June, with the median rent climbing 7.6% year-over-year to $4,625. Luiz C. Ribeiro for New York Post
Rent per square foot in Manhattan rose 4.4% annually to the second-highest level on record as inventory remained sparce, the report said.
There were 7,301 new lease signings recorded in June — an annual increase of 7.8% — outpacing the 4.4% rise in listing inventory, which reached 10,265.
The borough’s vacancy rate — which measures the percentage of