The rent for apartments in Manhattan, USA has hit a historic high for the fifth time in the past six months.

Jin10 data reported on August 14th that data shows Manhattan apartment rents in the U.S. have hit a historic high for the fifth time in the past six months. According to data from appraisal firm Miller Samuel Inc. and brokerage Douglas Elliman, the median rent for new leases signed in July was $4,700, an increase of $75 from June. Rents surged 9.3% year-on-year, marking the second-largest annual rise recorded by these two companies since 2008. It is not surprising that July is one of the most competitive months for renting in New York, as recent college graduates flood the market and families hope to move before the next school year begins. However, both companies stated that the magnitude of this rent increase is unprecedented. Despite the overall high rent increase, the low-end market saw an even larger rise. The median rent for entry-level (bottom 30% of the market) surged 14% year-on-year to $3,200. Meanwhile, the median rent for luxury apartments (top 10%) only increased by 5% to $10,500.