Manhattan's average monthly rent surges to $5,588

They say New York is where dreams are made, but in Manhattan, dreaming comes at a cost.

The median rent for apartments on the island reached an all-time high in July, marking the third record high in the last four months, according to a new report by the brokerage firm Miller Samuel and Douglas Elliman.

For the month of July, the median rent settled at $4,400 for a one-bedroom apartment, a sum that surpasses the previous month by $100 and stands 6% higher than the figures from this same period last year, the report says.

While the median is high, the average monthly rent is even higher, at $5,588 for the month of July, which is up 9% from last year.

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According to the report, in spite of the population decline witnessed during the pandemic, rental availability in Manhattan has surged by nearly 25% compared to pre-pandemic levels.

However, the report indicates a decrease in leasing activity, with a 6% drop compared to the previous year, even though the peak leasing period in New York typically spans from July to August.

“It isn’t the lack of supply that is pushing leasing activity down,” Jonathan Miller, president and CEO of Miller Samuel, told CNN. “We’re seeing evidence that the decline in leasing is due to the challenge of affordability.”

And if you're looking for relief in other boroughs, you'll find a little but not much.

In neighboring Brooklyn and Queens, prices also reached new heights in July, with monthly averages for one-bedroom apartments crossing the $3,600 threshold.