Median rent price in Manhattan reaches $4,000 for first timeBy Zachary Kussin
June 9, 2022
New York, New York, it’s a helluva town! As long as you can afford it.
As city rents have continued reaching post-pandemic heights, they’ve finally reached a brand new, and bank-busting, benchmark.
In Manhattan, the median rent price reached $4,000 for the first time ever, according to Douglas Elliman’s just-released May rental market report — which tracks prices in Manhattan, Brooklyn and parts of Queens. That sky-high sum marks a 25.2% year-over-year climb from the $3,195 Manhattan median rent tallied in May 2021. It also comes as lease signings rise, and as listing inventory of available Manhattan rental units — which reached 19,025 homes last May — plummeted to 5,776 last month, a nearly 70% year-over-year drop.
Not only has the demand been fueled by New Yorkers, those who fled town during the worst of the coronavirus pandemic, gradually returning to the city as schools and offices have reopened — but also by remote-working out-of-towners moving to the Big Apple to take advantage of their ongoing flexibility.
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Source:
https://nypost.com/2022/06/09/median-rent-price-in-manhattan-reaches-4000-for-first-time/
