Renters in Manhattan paid an average of $5,588 in July for their space, up 9.3% from a year ago and a new record, according to the latest report from real estate appraiser Miller Samuel and brokerage Douglas Elliman.

Manhattan’s median rent of $4,400 a month set a new record for the fourth time in the past four months, rising 2.2% from June.

These prices are 30% higher than what landlords charged in 2019, even as New Yorkers were fleeing the city as the coronavirus spread and Manhattan’s population dropped by 400,000 between June 2020 and June 2022, the New York Post reports.

Brokers reason that with 30-year mortgage rates near 7%, would-be homebuyers are renting instead. On top of that, more companies are requiring their workers to be in the office, luring more people back to the city.

In Manhattan, the average studio in July rented for $3,238, with the prices for one-, two- and three-bedrooms costing $4,366, $6,226 and $10,744, respectively.

Luxury apartments in high-rises cost an average $15,260 to lease, up 13% from last year.

In Brooklyn, the average rental was $4,347 in July. In sought-after Astoria and Long Island City, the average rent is $4,003, but in northwest Queens, it’s $3,641.

“It’s certainly possible to see another record next month, but I suspect we’re getting near the top,” says Miller Samuel CEO Jonathan Miller.

“What’s a little different this month is that leasing activity fell, and typically, July and August are peak leasing season,” he adds. “What this suggests is that consumers are beginning to hit the threshold of what they can afford, which may suggest that rents are approaching their peak for the time being.”

However, barring a recession, substantial job cuts or other significant economic event, Miller does not foresee New York rents coming down significantly anytime soon.