Manhattan's median market-rate rent climbed to a record $5,000 in July, rising 3% from June and 6% from July 2025, as apartment supply tightened sharply, an August 13 report by The Real Deal and appraisal firm Samuel Miller found. Listing inventory fell by roughly 4,000 units, or 39% year over year, and apartments moved faster, with average time on market dropping to 36 days from 48 a year earlier, a sign of stronger competition and fewer concessions for renters. The same report showed market stagnation as new leases fell 19%, echoing broader U.S. housing strains highlighted in a 2026 Harvard Joint Center on Housing Studies report that pointed to a shortage of affordable homes and rising rents even as vacancies increased in some higher-cost segments. In Manhattan, rents are rising fastest for apartments with two or more bedrooms, and median asking rents for "luxury" units in the top 10% of the market jumped 31% year over year to $13,750 a month. Downtown neighborhoods were the most expensive, followed by the West Side, East Side, and Northern Manhattan, while inventory across all areas was down about 40%. The pressure comes as most New Yorkers spend more than 30% of income on rent, a level economists view as unaffordable. Mayor Zohran Mamdani has responded with a "Block by Block" plan to build 200,000 affordable homes during his tenure, alongside a rent freeze taking effect this fall for rent-stabilized apartments, which account for 44% of Manhattan housing. The source says such freezes can ease costs in the short term but may also push up market-rate rents, noting that a rent freeze under former Mayor Bill de Blasio later lapsed for that reason.