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.
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.