Rent is out of control in Manhattan, Austin, Miami and across other major cities in the nation that are primarily reeling from the economic consequences of the pandemic.
Median rent in Manhattan hit an all-time high of $4,000 per month in May, a 40 percent increase from a year ago and beating out February's high of $3,700, according to a new report from real estate brokerage firm obtained exclusively by DailyMail.com.
With most landlords following a standard that a renters' annual income needs to be at least 40 times the rent, those looking for apartments in Manhattan would be expected to earn at $160,000 a year to be considered.
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