What $5,000 rent in NYC gets you now vs. last year — the difference is shockingBy Mary K. Jacob and Zachary Kussin
July 22, 2022
What a difference a year makes! Especially in the case of New York City rental housing, where the average Manhattan rent just blew past $5,000.
Take, for instance, unit 701 at 200 E. 11th St., a 54-unit rental building known as Eleventh and Third, which was leased last week for $6,500 per month. The one-bedroom spread has new glass-panel windows, polished concrete kitchen counters, walnut flooring — and rented in March 2021, a time of pandemic-era lows, for $5,150, with one month free to boot.
“There were concessions being offered on every apartment,” Living New York agent Deeb Sankary, who handles the building’s leasing, told The Post of activity there in 2021. But by the fall of that year, bottomed-out city rental prices had broken even with pre-pandemic levels — and have since risen ever higher, continuing to crush records in the process. “We are at or above pre-COVID pricing. We are seeing this consistently in the East Village and all Lower Manhattan buildings, and we are no longer offering concessions,” said Sankary.
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Source:
https://nypost.com/2022/07/22/this-is-what-5000-rent-in-nyc-got-you-last-year-and-now/
