Manhattan Renters Already Paying Record Prices Face More Hikes

Manhattan apartment rents reached yet another all-time high last month and are expected to keep rising as the market’s most competitive season collides with the city’s new broker-fee law.

The median rent on new leases signed in May was $4,571, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman. It was the third record price reached in the past four months and exceeded the previous peak by $71.