Manhattan rents hit new highs, with some spending $4,000 just to access "hidden listings."

In July, Manhattan rents soared to a record high, while the supply of rental listings has undergone historic shrinkage, coinciding with the peak summer rental season, further exacerbating the supply-demand conflict. According to the latest data from real estate appraisal firm Miller Samuel Inc. and The Real Deal, the median rent for newly signed leases in July reached $5,000, a year-on-year increase of 6.4%. This rise is double the national housing cost increase. Data from the U.S. Bureau of Labor Statistics shows that the national housing price index rose by 3.2% year on year. While rents surged, the availability of listings plummeted sharply. Last month, the number of rental listings in Manhattan decreased by over 39% compared to the same period last year, an unprecedented decline in the past decade. This trend has also spread to the other side of the East River. Brooklyn's median rent in July also hit a historic high, reaching $4,500, while the number of available listings fell by 27% from the same time last year.