Rent in Manhattan spiked in July, according to a new report.
The report, recently published by appraiser Miller Samuel Inc. and Douglas Elliman Real Estate, found that the median rental price in the New York City borough, with concessions, was $3,521 in July this year.
That’s a 6.5 percent increase from the same time last year, which is the biggest increase of its kind in four years, The Wall Street Journal reported. Back in August 2015, rent increased 6.6 percent, according to Bloomberg.
Despite the fact that rent usually increases in the summer months in New York City, this spike is unusual, The Journal reported.
Jonathan Miller, who prepared the report, told the outlet that the surge could be caused by a “prolonged slowdown in the apartment sales market,” The Journal reported.
The outlet also reported that as New York City continues to add jobs, more people are looking for apartments, so landlords are raising rent.
Similarly, rent in Brooklyn also rose in July from last year to this.
According to the report, the median rental price in Brooklyn reached $3,000 -- 1.7 percent higher than last year -- which tied with last month’s median rental price.