Manhattan rents soared to a record high in July, and the number of rentable properties experienced a historic contraction. At the same time, it also coincided with the peak summer rental season, further intensifying the conflict between supply and demand. According to the latest data from real estate assessment agency Miller Samuel Inc. and The Real Deal, the median rent for new leases signed in July reached $5,000, up 6.4% year over year. This increase is double the increase in housing costs across the US. According to data from the US Bureau of Labor Statistics, the national housing price index rose 3.2% year on year. At the same time as rents soared, the supply of housing declined sharply. Last month, the number of listings for rent in Manhattan plummeted by more than 39% year on year. The decline was rare in the past ten years. This trend also spread to the other side of the East River. Brooklyn's median rent also hit a record high in July, reaching $4,500, while the number of listings fell 27% compared to the same period last year.

Manhattan rents soared to a record high in July, and the number of rentable properties experienced a historic contraction. At the same time, it also coincided with the peak summer rental season, further intensifying the conflict between supply and demand. According to the latest data from real estate assessment agency Miller Samuel Inc. and The Real Deal, the median rent for new leases signed in July reached $5,000, up 6.4% year over year. This increase is double the increase in housing costs across the US. According to data from the US Bureau of Labor Statistics, the national housing price index rose 3.2% year on year. At the same time as rents soared, the supply of housing declined sharply. Last month, the number of listings for rent in Manhattan plummeted by more than 39% year over year, a drop that has been rare in the past ten years. This trend also spread to the other side of the East River. Brooklyn's median rent also hit a record high in July, reaching $4,500, while the number of listings fell 27% compared to the same period last year.