Manhattan’s median rent has skyrocketed to an “all-time high” of $5,000, and experts warned Mayor Mamdani’s vow to “freeze the rent” will only make matters worse.
The sobering milestone, reached in February, marks a 6% increase from the previous year, according to reports by The Corcoran Group and Rent Hop.
“Manhattan’s rental market has become more challenging than ever for home seekers,” Corcoran’s Chief Operating Officer Gary Malin said.
“Meanwhile, inventory is at the tightest level we’ve seen in nearly four years.”…