Average rent for Manhattan apartment soars above $5,000 a month in June

NEW YORK CITY (WABC) -- Prices have soared to a jaw-dropping record high for renters in Manhattan.

For the first time, the average rent for an apartment in Manhattan rose above $5,000 a month in June.

That's up nearly 30% from a year ago.

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The average price for a three-bedroom apartment climbed to a staggering $9,469 a month.

That's more than $2,000 more than a year ago.

Meanwhile, the average price for a one-bedroom apartment is $4,278, up more than $800 from a year ago.

But how long will prices keep going up?

Experts say looking toward the fall and into next year, prices are more likely to level off than drop.

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