Inhabit by Corcoran

Much to the frustration of tenants, Manhattan’s median rent reached yet another new all-time high in May, hitting $5,125 as demand continues to outpace a persistently constrained supply environment. Brooklyn has also reached a new all-time high for rents, with

Sales activity softens annually but marketing times still shorten. Inventory continues to rise as average pricing reaches new highs.

Contract activity rises annually, outpacing the historical average. Listed inventory and average price per square foot both declined annually.

Manhattan’s luxury activity dips annually but outpaces the historical May average. Inventory continued to fall year-over-year, marketing times dropped sharply, and average price per square foot declined.