The price of living in Manhattan ballooned all the way up to a new record last month, according to a report. The average monthly rent—which is the sum of all rents divided by the number of all the rents counted in the data—was $5,058 in June, according to analysis from Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. The brutal figure is the first time the average has crept over $5,000 for the NYC borough. The firm said the overheating rental market was getting hotter in part because prospective buyers are deciding to hold off on purchasing a property in the current housing market. “You have more people pivoting, they were on the margin to buy a home, but now with mortgage rates spiking, they are in the rental market,” said Miller Samuel CEO and President Jonathan Miller. “The market is already tight. This makes it tighter.”
