Manhattan rents soar to highest ever level — with $5K+ median, and raging bidding wars

Business

Manhattan renters are getting walloped. The borough’s median monthly rent hit $5,099 in April 2026, a new all-time record, according to Corcoran’s April 2026 Rental Market Report.  That figure is up 6% from a year ago and marks the first time the median has ever cleared the $5,000 threshold. And with vacancy rates cratering to their lowest point in more than six years, relief is nowhere in sight. New leases signed in April surged 21% from March and 12% from the prior year, making it the busiest

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