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The average Manhattan rent just hit a new record of $5,588 a month



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A view of clouds over Manhattan skyline in New York, United States on August 08, 2023. (Photo by Fatih Aktas/Anadolu Agency via Getty Images)Anadolu Agency | Anadolu Agency | Getty ImagesRents in Manhattan hit a new high in July, as higher interest rates and low supply continued to drive up prices.The average monthly rent in July was $5,588, up 9% over last year and marking a new record. Median rent, at $4,400 per month, also hit a new record, along with price per square foot of $84.74, according to a report from Miller Samuel and Douglas Elliman. It was the fourth time in five months that Manhattan rents hit a record.Despite a loss in population during the pandemic, average rents in Manhattan are now up 30% compared to 2019. Jonathan Miller, CEO of Miller Samuel, the appraisal and research firm, said August rents could …

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