New York City’s rental rat race shows no signs of slowing down.

Record-high rents and widespread bidding wars have come to define the city’s rental market in 2025, and July was no exception. Median rent in Manhattan broke yet another record last month, and temperatures aren’t much cooler across the East River. 5

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The data, published monthly by appraiser Miller Samuel and brokerage Douglas Elliman, points to a fiercely competitive market.

Median rent in Manhattan reached $4,700 in July, according to the report, charting a 9.3% increase from a year earlier. This is the second-biggest annual jump since these monthly reports began in 2008, Bloomberg reported.

The market share of leases signed after bidding wars also reached an all-time high of 28.9%, continuing a months-long com

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