The sky appears to be the limit for apartment rents in Manhattan, which notched a record high in May for the third straight month in a row, according to Elliman's new report.
The median rental price in Manhattan hit $4,395 in May, a 3.6% increase over the April record of $4,241 and a 9.9% jump over the May 2022 level. Leases with concessions also set a new record, with a median rental price of $4,360, a 3.7% jump from April's level of $4,205.
Leasing velocity surged by more than 30% in May, with the total tally of new leases jumping to 5,041, up from 3,869 in April. The number of days on the market for listings dropped to 35 from last month's level of 48.
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