The average rent in Manhattan breaks $ 5,000 for the first time
The average rental price in Manhattan has topped $ 5,000 for the first time in Big Apple history, according to a captivating June market report by Douglas Elliman and Miller Samuel.
Specifically, the study counted an average Manhattan rent of $ 5,058 per month, which alone would set a city tenant back nearly $ 61,000 a year. This figure marks a 1.7% month-over-month increase from the average rent of $ 4,975 recorded in May, as well as a 29% year-over-year increase from the average of $ 3,922 found in June 2021.
Last month, Elliman and Miller Samuel revealed that Manhattan’s median rent reached $ 4,000 for the first time ever in May, a 25.2% year-over-year jump from a median of $ 31[ads1]95 last May.
Median rent is the mean value of the total price samples. Average rent is the sum of all rents divided by the number of sample sizes.
Since the end of 2021, rental prices have risen due to a number of factors, one of which includes ongoing record high inflation. Locals also began returning to the city from their COVID hiding places, first when schools reopened and later when companies implemented hybrid office-home schemes. Out-of-towners working full-time remotely also began moving to New York to take advantage of their location flexibility.
Elliman also added that, with an increase in mortgage rates, potential buyers have turned to renting, which has put even more pressure on an already tight market, which has recently been characterized by bidding wars to secure leases for a barely. number of units.
In June, Manhattan saw 6,433 units available for rent – 11.4% more than the 5,776 listed in May, but a decrease of almost 46% from the 11,853 available in June last year. Among them, the list portal shows StreetEasy, the most expensive in the city: a penthouse of approximately 6,240 square meters on One57 on Billionaires’ Row in the city center, built by Deborah Kern of the Corcoran Group for $ 150,000, overlooking the Hudson from the front seat. and eastern rivers, as well as Central Park. As for the least expensive, $ 1300 per month gets a one-room near an A-train station far up in Inwood.
The report also tracks statistics in Brooklyn and Northwest Queens; between all three areas, a total of 10,271 units were listed in June. In June 2021, it was 26,256. Figures for the Bronx and Staten Island are not included.
Brooklyn, on the other hand, had an average rent of $ 3,822, up 20% from June last year by $ 3,185. The median, meanwhile, reached $ 3,300 – a 22% increase from year to year. Northwest Queens, which includes prime Astoria, had an average rent of $ 3,352 in June, up 15.1% from the previous June average of $ 2,913. This region’s median reached $ 3,002 in June, up 11.2% from June last year.
Anna Finkelstein, 24, graduated from Columbia University’s Doctor of Physical Therapy program in May – and has spent the past month searching for a two-bedroom, or flexible one-bedroom, apartment to share with her college friend, 25-year-old Abby Alden. , with the help of BOND saleswoman Ekaterina Vorobeva.
“Even in the last three weeks, I think I have seen almost 25 to 30 apartments – I will see five in one day,” said Finkelstein, who added that she and Alden have searched around the city center east, the city center west, the upper part of the city. . East Side and Upper West Side with a monthly budget of $ 4000 between them.
“We have a fairly wide area in the area,” she added later, “but that has not made our search easier. That means I run around more.”
Finkelstein saw an apartment in Manhattan if the entire floor was sloping. Another apartment had its bedrooms in the basement. At an open house, the participants were informed that the person who submitted the deposit first received the apartment. Another open house had 30 people queuing for a total of 90 minutes, up the stairs and around the corner.
“When that happens, you just do not even apply,” Finkelstein said. “You are like, by no means.”
Although Finkelstein can live with the family for the time being, and Alden has sublet, they hope that things can calm down – and that they can enter into a lease in August.
“We just have to keep looking – and we keep reaching out to brokers hoping to get something early before it hits the market,” Finkelstein said.
