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Rent in Manhattan Reaches All-Time High: Here’s Why

Nueva York - El American

Available: Español

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The average price of a Manhattan rental exceeded a record high of $5,000 last June, according to a joint report by real estate agencies Samuel Miller and Douglas Elliman.

To be exact, the average cost for rent in June was $5,058 per month, 29% higher than the previous year, a figure that is in line with the high inflation recorded nationwide, which in June stood at 9.1%, the highest increase recorded since 1981.

The price of rent is one of the components in calculating inflation, so this rent hike in Manhattan will undoubtedly exacerbate next month’s calculation.

While the average price for a one-bedroom studio apartment was $4,278, that figure rose to $9,469 per month for a three-bedroom one.

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As recently as last month, the Douglas Elliman agency warned that the median price (the one in the middle of the table, different from the average) had reached an all-time high in Manhattan to get above $4,000 per month, and in fact, that was the fifth consecutive month in which the record was broken.

According to Samuel Miller, there are no signs of a cooling real estate market, quite the contrary, and he added that investors are jumping into the market to buy apartments and rent them out because of the high profitability.

In parallel, the availability of vacant apartments in Manhattan is at an all-time low right now: after the pandemic brought an unprecedented number of vacant apartments to the rental market, the vacancy rate is now down to 1.9%.

Although the biggest increase has been observed in Manhattan, other neighborhoods in the Big Apple, such as Brooklyn and Queens, have also experienced very high increases last June, according to data from different specialized agencies collected by the New York Post.