The rental market in New York is experiencing unprecedented growth, with Manhattan's median rent hitting a record $4,571 in May, an 8% increase from last year. This surge may be linked to the new FARE Act, which prevents landlords from charging broker fees to tenants, potentially leading to higher rents. While increased inventory is expected to provide more options, luxury rents remain unchanged. In contrast, Brooklyn's rental growth is sluggish, showcasing a disparity in market dynamics. Analysts predict more records could be broken as demand continues into the summer months.
"Median Manhattan rent reached a new record high in May, at $4,571 per month, rising nearly 8% year over year, demonstrating a significant trend in the rental market."
"The FARE Act, which prevents apartment owners from passing on broker fees to tenants, went into effect Wednesday and is likely to spur landlords to hike further rent prices."
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