Manhattan Rent Reaches All-Time High for Second Consecutive Month.

Manhattan's average apartment rental hit a record-breaking high of $4,241 in April, up 8.1% from last year, with Brooklyn and Queens also seeing significant increases. The average monthly cost for a studio apartment in Manhattan saw the biggest increase, up 13.5% from last year. Despite an apparent lax in demand, Manhattan apartments only stayed on the market for an average of 20 days in April. The continued price surge could be the cause of Manhattan’s growing listing inventory, which expanded annually for the sixth time. Rent drops are contingent on an economic event, like a recession, with notable job loss.