Average Manhattan rent smashes records with all-time high
New York, New York - As inflation sweeps the nation, rent prices in NYC have reached sky-high, record-breaking levels.
If you are thinking of moving to the Big Apple, you better make enough money to survive the concrete jungle.
According to the June Market Report from the Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants firm, Manhattan renters pay an average of $5,058 a month, a 1.7% increase from May's numbers, and a 29% increase from June 2021.
Rent has never been this high in general, and the news comes just one month after the city's median rent – which is the exact midpoint between the highest and the lowest numbers in a series – reached $4,000 for the first time in history.
June averages were also included for Brooklyn tenants, who pay $3,822, and tenants in the northwest part of Queens, who pay $3,352. These are 20% and 15% hikes in prices, respectively.
The report attributed the spikes to locals returning from Covid-19 pandemic getaways, as well as inflation and high mortgage prices driving potential home buyers to instead continue renting.
NYC Comptroller Brad Lander called the shocking situation a "housing crisis," pointing out that the "vast majority of New Yorkers could not afford to rent here if they lose their current unit," since it was almost impossible to find units for under $1,500 per month.
Cover photo: SPENCER PLATT / GETTY IMAGES NORTH AMERICA / Getty Images via AFP