Average Manhattan rent breaks $5,000 for the first time in history

[Kamaji]

Average Manhattan rent breaks $5,000 for the first time in history

By Zachary Kussin
July 14, 2022

The average rental price in Manhattan has topped $5,000 for the first time in Big Apple history, according to a jaw-dropping June market report compiled by Douglas Elliman and Miller Samuel.

Specifically, the study tallied an average Manhattan rent of $5,058 per month, which alone would set a city tenant back nearly $61,000 a year. That figure marks a 1.7% month-over-month climb from the $4,975 average rent recorded in May, as well as a 29% year-over-year spike from the $3,922 average found in June 2021.

Last month, Elliman and Miller Samuel revealed that Manhattan’s median rent reached $4,000 for the first time ever in May, a 25.2% year-over-year jump from the $3,195 median the previous May.

Median rent is the mid-point value of the total price samples. Average rent is the sum of all rents divided by the number of the sample size.


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Source:  https://nypost.com/2022/07/14/average-manhattan-rent-breaks-5000-for-the-first-time/

[Kamaji]

So glad we left NYC when we did.

[sneakypete]

That's only part of the story. Is that for a one bedroom apt with a bath down the hall?

[Kamaji]

That's only part of the story. Is that for a one bedroom apt with a bath down the hall?

No, but the average is not a particularly meaningful number, given that it includes a "long tail" of rents for multi-million dollar units that go for tens of thousands a month.

The median is a more meaningful number, and that recently broke the $4,000 mark for the first time.

[sneakypete]

No, but the average is not a particularly meaningful number, given that it includes a "long tail" of rents for multi-million dollar units that go for tens of thousands a month.

The median is a more meaningful number, and that recently broke the $4,000 mark for the first time.

@Kamaji

That clearly means the days of graduating high school and moving out to live with buddies in an apartment while you take different jobs to see what "sticks".

Does NYC have a higher minimum wage?

[Kamaji]

@Kamaji

That clearly means the days of graduating high school and moving out to live with buddies in an apartment while you take different jobs to see what "sticks".

Does NYC have a higher minimum wage?

If you want to do that, you move to some ratty walk up in Astoria or the Bronx, right by an elevated subway, and deal with it. 

[Fishrrman]

Back around 1983, when I was scraping to hang on to a job down at the Oak Point freight yard in the South Bronx, a couple of RR guys from [way] out-of-town (working at O.P. because it was the ONLY place they could get work at the time) were living in an old caboose out in the yard.

It was painted grey, they called it "the grey ghost".
The rent was cheap. REALLY cheap.

[Gefn]

Not surprised.

Seriously, who can afford these rents?