Record rent prices: Renters in Manhattan are paying an average of $4,000 a month

NEW YORK (CNN) - The buildings are sky-high in New York City, and so are the rent prices.

For the fourth consecutive month, the median cost of rent hit a record high.

In May, the average rent in Manhattan was $4,000 a month, that’s about 25% higher than a year ago.

The median price for a two-bedroom is shy of $5,000 a month, with a three-bedroom running an average cost of $6,400.

Some factors are landlords pulling back on concessions and rising mortgage rates keeping possible homebuyers as renters.

Currently, the vacancy rate is under 2%, and analysts said it is on the lower end, compared to almost 12% during the height of the pandemic.

According to analysts, there isn’t much financial relief in sight. New summer leasing is expected to continue to raise rates that should peak around August.

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