Manhattan's rental market has hit a new milestone, with the median rent now above $5,000 per month. This marks a significant increase of 6% compared to the same time last year.
According to the US real estate firm Corcoran, this sharp rise in rent is a result of a growing demand for housing that is colliding with an increasingly constrained supply.
As the borough grapples with these market dynamics, potential renters may face challenges in finding affordable options amid the escalating prices.