New York Rent Reached Its Highest Levels, Ever. When Are They Expected To Go Down?Average monthly rent breaks $5,000 in Manhattan for the first time in history.
Apartment hunting in Manhattan just got even harder — and much more expensive.
According to aJune market reportby Douglas Elliman and Miller Samuel, average rental prices in New York City have skyrocketed to historic new heights. Particularly in Manhattan, rent is higher than it's ever been at an average of $5,058 a month, marking a 29% uptick from $3,922 in June of 2021.
The report also tracked data from Brooklyn and Queens, which saw similar climbs from last year's numbers, with increases in average rent of 20% and 15.1%, respectively.
The astronomical hike in rental costs over the past year comes as a whirl of pressure points intersect: individuals returning to the city from pandemic hideaways, mountinginflation, and an acutely tighthousing marketthat has pushed would-be buyers back into renting.
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So, how long will those grappling with the ruthless market have to wait for prices to go down?
坏消息:纽约人可能在草地st another month of high prices since new leasing activity historically tends to peak from May to September, according to a study byRentHop.
However, there is good news, too. The high prices can only stay so high for so long. "The best thing for high housing prices is high housing prices," Jonathan Miller CEO of Miller Samuel toldThe New York Timesback in June. "When the consumer can't afford to pay, they go somewhere else."
