Manhattan’s rental market reached a new milestone in June, with the median monthly rent climbing to a record $5,295, reflecting an 8% increase compared to a year earlier. Brooklyn also set a new all-time high, with median rents reaching $4,350. The continued rise is being driven by a persistent shortage of available apartments, as vacancy rates remain historically low and inventory continues to shrink despite seasonal increases in listings.

The data highlights the growing affordability challenge across New York City. While demand for ...