Rent prices in Manhattan are at an all-time high.
A new report by Douglas Elliman shows the median rent for Manhattan in February rose about six and a half percent from last February and is now at a new all time high of 45-hundred dollars a month. The report also shows about one out of four leases end up in a bidding war, driving the price up. Rent prices in Brooklyn and Queens are also up. New York City's vacancy rate remains historically low while at the same time census data out last week shows the city's population has increased following a drop early in the pandemic.