NYC rent hits a new record, no break for New Yorkers in sight
Can we talk about the insanity of the NYC rental market right now? Coupled with the broader food and cost of living inflation in the past year, I imagine that many people (even those with high salaries) are feeling the pain.
Record-high New York City rents, following a pandemic-era plunge into record lows, continue to hit all-time, and bank-busting, highs - and July was no different.
That's according to the latest rental market report from Douglas Elliman and Miller Samuel - a monthly release tracking pricing in Manhattan, Brooklyn and parts of Queens - which found that median and average rents in Manhattan climbed to a respective $4,150 and $5,113 per month.
Those figures surpass already-historic highs. The June rental report, released last month, found that the average rental price in Manhattan broke the $5,000 threshold for the first time ever. In May, the median rent price reached $4,000 for the first time.