Manhattan rents just hit an all-time high -- again. For the third straight month, rents have reached new record highs. Last year, the net effective median rent -- or the amount tenants pay after factoring in incentives from landlords -- was $2,791. "There was a significant acceleration in rental prices in April, jumping nearly 40%," said Jonathan Miller, president and CEO of Miller Samuel. "All the excess supply that rocketed skyward in 2020 has been eliminated and there is not a lot of available inventory," he said.

Source: CNN May 13, 2022 00:19 UTC