The median rental price in Manhattan hit a record high in February, according to a new report. The borough’s median rent soared to $4,500 in February, and rose 6.4 percent from last February, according to a Douglas Elliman report.

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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.