Manhattan's median rent hit a record high of $4,625 in June, reflecting a 7.6% year-over-year increase. This rise is attributed to elevated mortgage rates, economic uncertainty, and the FARE Act, which mandates landlords to pay broker fees, estimated to add 1% to monthly rents. High demand persists, with 25% of tenants paying above asking price. Inventory in Manhattan dropped by 12.4% from May as landlords reacted to the FARE Act. Rent trends suggest continued growth, with little expectation for substantial declines in rent prices.
Manhattan's median rent surged to a record $4,625 in June, marking a 7.6% increase from the previous year due to elevated mortgage rates and economic uncertainty.
The introduction of the FARE Act, requiring landlords to cover broker fees, also contributed to the rise in rents, estimated to account for an additional 1% increase.
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