Average Manhattan rent breaks $5,000 for the first time in history

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The average rental price in Manhattan has topped $5,000 for the first time in Big Apple history, according to a jaw-dropping June market report compiled by Douglas Elliman and Miller Samuel. Specifically, the study tallied an average Manhattan rent of $5,058 per month, which alone would set a city tenant back nearly $61,000 a year. That figure marks a 1.7% month-over-month climb from the $4,975 a...

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