New York renters continue to feel the squeeze with Manhattan rents hitting a record high for the sixth month in a row.
Median rent for an apartment in Manhattan climbed to $4,150 a month in July, surging 29% from a year ago, according to a monthly report from brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. It is up 2.5% from June.
"It will continue, at a bare minimum through next month, because more demand is anticipated putting upward pressure on prices," he said.But what happens after August? While the rental market in Manhattan may cool, apartments aren't expected to become much more affordable. Should job losses become significant, demand for apartments in Manhattan may drop as people double up or leave the city, resulting in less pressure on prices.
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