M
anhattan's median rent has reached a new record high of $4,571 in May, marking an 8% increase from the same period last year. This trend defies the typical summer peak and suggests that prices may continue to rise before August. The luxury market and new developments in Manhattan have seen little to no growth or even slight drops.

    The east side of Manhattan has experienced the largest rent increases, with a 10% jump from last May. However, the luxury market remains relatively stable, with median rents stuck at around $10,500. New developments in Manhattan saw a 2% drop in median rents year over year.

    Brooklyn and Northwest Queens have seen more modest rent increases compared to Manhattan. Brooklyn's median rent rose by just 1.4% from last May, while Northwest Queens experienced a nearly 7% increase. Inventory levels are high across the city, with Manhattan reaching its highest level since summer 2021.

    The recent implementation of the FARE Act may further drive up rents as landlords look to offset lost revenue from broker fees. With mortgage rates remaining elevated and potential buyers staying in the rental market, it's likely that prices will continue to rise before peaking in August.