Winter in New York City often enjoys a cooler real estate market, but not this year. Renters in Manhattan were met with record-high rents in February, with a median rent of $4,500 — a 6.4% uptick from the same time last year.

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Manhattan's median apartment rent surged 4% to $4,730, while Brooklyn's rent remained steady at $3,995. New data from Corcoran reveals a 16% decrease in Manhattan lease signings and a 9% drop in Brooklyn leasing activity.

Manhattan apartment rents soared to a record high in February amid intense competition, including bidding wars in a more than a quarter of all deals.