Average rent in Manhattan tops $5,000

MANHATTAN, N.Y. (PIX11) — Apartment rents in Manhattan have once again reached record levels after rising nearly 30% in the last year, a new report found. For the first time on record, the average rent in Manhattan is now more than $5,000 a month, according to a report from Miller Samuel and Douglas Elliman.

Average rental prices in Manhattan are up more than 29% from last year. However, those rising rates haven’t slowed down demand. The Douglas Elliman report found that the number of new leases signed continues to rise month after month.

While Douglas Elliman found rents rose in every section of the borough, the increases were less steep in Upper Manhattan. “Harlem, East Harlem, Washington Heights, Hamilton Heights, all of these neighborhoods have wonderful housing stock, great sized apartments. You can actually feel like you have space,” said real estate Nicole Beauchamp.

The rising rents haven't just impacted residential renters. A new report from New York City's comptroller found that, over a two-year period, Manhattan had the largest loss of businesses than any other borough. One of the factors was higher rent costs.