Manhattan rents soar to another record high in July at nearly $6K — but may be ‘approaching peak’By Shannon Thaler
August 10, 2023
Manhattan rents soared to another record high in July but leasing activity dipped — leaving a glimmer of hope the red-hot market is approaching its peak.
Renters forked over an average of $5,588 last month to live in the borough — a 9.3% increase from last July — and prices jumped more than 15% in Brooklyn and parts of Queens, according to the latest rental market report from appraisers Miller Samuel and brokerage giant Douglas Elliman.
Manhattan’s median rent, at $4,400 per month, also set a new record for the fourth time in five consecutive months, the report showed.
The July figure marked a 2.2% month-over-month increase from June’s median rent of $4,300, the only month in the past five that saw a decrease from the 30 days prior.
The skyrocketing prices are 30% higher than what landlords charged in 2019 — despite the pandemic-induced exodus dropping Manhattan’s population by 400,000 between June 2020 and June 2022, according to U.S. Census data.
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Source:
https://nypost.com/2023/08/10/manhattan-rents-soar-to-another-record-high-in-july-but-may-be-approaching-peak/
