Manhattan has emerged as the fifth most competitive rental market in the United States, with rising demand, low turnover, and brief vacancies. The median rent for new leases reached $4,625 in June, marking a record high. A quarter of rentals faced bidding wars, reflecting intense competition. Additionally, over 70% of renters chose to renew leases, resulting in crowded open houses with increasing competition. Vacant apartments are now being rented five days faster than the previous year, averaging 45 days on the market. Other cities, particularly Miami, are also experiencing fierce rental competition.
Manhattan's current rental market is the fifth most competitive in the country, driven by high demand, low turnover, and brief vacancies.
The median rent in Manhattan hit a record high of $4,625 in June, with 25% of rentals facing bidding wars.
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