Manhattan Rents Hit Record High As Lease Activity Slumps, Indicating Deepening Affordability Crisis

Manhattan Rents Hit Record High As Lease Activity Slumps, Indicating Deepening Affordability Crisis New York City is experiencing the worst housing crisis in a generation. The limited supply of apartments led to record high rents in July, the peak rental month of the year, just before the start of the school year. Data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate showed Manhattan's median rent topped $4,400, up 2.3% from June. Rents soared 11% in Brooklyn to $3,950 and in northwest Queens. In Astoria and Long Island...