(The Hill) – The average monthly rent in Manhattan rose to a record $5,588 in the month of July as inflation and higher interest rates push rental prices to new record levels, according to a report from Miller Samuel and Douglas Elliman. 

Manhattan’s new average monthly rent of $5,588 is up more than 9 percent from last year, when rent was $5,113, according to the report. The median rental price also reached a new high of nearly $4,400, up more than 6 percent from last year, marking the fourth time in five months Manhattan has hit a record. The report found the average rental price per square foot also increased 4.3 percent over the past year to a new high of $84.74. 

The new average rental price is $3,278 for a studio, $4,443 for a one-bedroom, $6,084 for a two-bedroom, and $10,673 for a three-bedroom, the report found. 

New lease signings slipped by 6 percent, excluding renewals, as the market approaches its seasonal summer peak, according to the report. The vacancy rate was 2.63 percent, just below the 2.78 percent average. 

The increases follow a survey from the Economist Intelligence Unit at the end of last year that found New York City tied as the world’s most expensive city to live in, sharing the top spot with Singapore.

The report broke down the median rental prices across Manhattan and found prices were highest in downtown Manhattan with a median rental price of $4,950, compared to the lowest prices in northern Manhattan with a median price of $2,925. The median rental price for the Eastside was $4,120 while the Westside was $4,400. All four sections edged higher compared to last year’s prices, the report said.