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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