Rental rates in Manhattan now average $5,000


MANHATTAN, N.Y. (CNN) – Living in the Big Apple will take a big bite out of your wallet.

The average monthly rent in Manhattan was just over $5,000 for the month of June, according to Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants.

The brokerage firm says that’s about a 25% hike from the year before and a new record high for the fifth month in a row.

The analysts say one reason costs rose that much is due to would-be home buyers who paused their searches and decided to rent instead.

They also say they don’t expect to see rental rates falling in the near future because leasing in the city typically doesn’t hit a peak until the end of summer.

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