Incredible news: Manhattan’s median rent reached $4,000 for the first time ever, according to Douglas Elliman’s May report. This is the sixth month in a row that rent in the borough has broken records and a 25 percent year-over-year increase. (Nearly 75 percent of these new leases are signed by tenants moving to the city from outside New York, according to one investment broker.) More incredible news: It’s going to get worse. Jonathan Miller, who wrote the report, told the Real Deal to expect this trend to continue into summer — “historically the busiest season for rental turnover.”
The report also found that Brooklyn rents have jumped nearly 7 percent since last month, to reach a median of $3,250. Also the invasive spotted lanternfly is back and rats are out of control. See you at the beach (where there are no lifeguards). Happy summer!