Rental Prices Soar in Manhattan and Beyond

Manhattan's median rent hit a new high in March, with the median cost of renting an apartment at $4,175, up 12.8% from a year ago. The price for new rentals has been bobbing along, not going way up or way down, and the opposite of rising rents is not necessarily falling rents, it is stabilizing rents. A main driver for rents remaining strong in Manhattan in March is that mortgage rates have doubled from a year ago, making purchasing a home unaffordable for many buyers. Listing inventory for rentals in Manhattan was near record lows a year ago and has been climbing higher.