Finding an apartment in Manhattan is getting even harder, as listings plummet and rents reach $5,000

A new report shows Manhattan rents up and inventory down. deberarr/Getty Images A new report found that the median rent for a Manhattan apartment is $5,000 a month and climbing.

Inventory has fallen as New Yorkers can't afford to move.

Mayor Zohran Mamdani has pledged 200,000 new homes in NYC, but it's a lofty goal.

Renting a New York City apartment isn't for the weak.

The median Manhattan rental price for a market-rate apartment soared to $5,000 in July — up 3% from June and 6% from July 2025 — an August 13 report from The Real Deal and appraisal firm Samuel Miller found.

The record-high rent comes alongside a staggering drop in public market listings.

Apartment inventory in the borough has dropped by roughly 4,000 units, or 39% year-over-year, as homes are spending far fewer days on the market and people are signing leases with fewer discounts off the asking price.

Last summer, rentals spent an average of 48 days on the market.

This summer, it's 36.

Shorter duration on the market is typically an indicator of tighter supply and higher demand, as aspiring renters snap up open units more quickly.

Finding housing in the city has long been a challenge.

Business Insider has heard from single moms who moved in together to cut costs, side hustlers struggling to make ends meet, and retirees worried they can't pay to age in the city.

The majority of New Yorkers spend more than 30% of their income on rent, the threshold economists classify as unaffordable.

Prices are jumping as inventory drops The rental market trends are largely in line with America's broader housing market.