New York City rents have spent the last 18 months setting new records.  July added to that streak. Median rent for a new, brokered, market-rate lease in Manhattan reached $5,000, the highest on record, last month, according to appraiser Jonathan Miller’s report for The Real Deal. Manhattan’s average rent, at $6,306, and average rent per square foot at more than $101, also reached new highs. As usual, high demand is chasing low supply. Elevated mortgage rates have put tremendous pressure on rents, Miller said, as would-be purchasers stayed put in rental units. New York policy decisions mean next month is […]

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