Rent in New York: the average price of an apartment in Manhattan exceeds $5,000 a month in June

NEW YORK CITY (WABC) – Prices have hit a jaw-dropping record for renters in Manhattan.

For the first time, the average rent for an apartment in Manhattan topped $5,000 a month in June.

This is nearly 30% more than a year ago.

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The average price for a three-bedroom apartment has soared to $9,469 per month.

That’s over $2,000 more than a year ago.

Meanwhile, the average price for a one-bedroom apartment is $4,278, up more than $800 from a year ago.

But how long will prices continue to rise?

Experts say that looking into the fall and into next year, prices are more likely to stabilize than decline.

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