The Briefing Room

State Chapters => NY/NJ => Topic started by: Kamaji on August 10, 2023, 05:32:54 pm

Title: Manhattan rents soar to another record high in July at nearly $6K
Post by: Kamaji on August 10, 2023, 05:32:54 pm

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/

Title: Re: Manhattan rents soar to another record high in July at nearly $6K
Post by: Gefn on August 10, 2023, 09:05:43 pm

@Kamaji

I was gifted a ticket to the Van Gogh exhibit at MOMA. I can take the train into the city but I wanted to make an overnight and maybe see a matinee too.

Hotels are close to $350-400 a night before taxes. I can't believe that

Title: Re: Manhattan rents soar to another record high in July at nearly $6K
Post by: DefiantMassRINO on August 10, 2023, 09:33:00 pm

Bidenomics Utopia

Title: Re: Manhattan rents soar to another record high in July at nearly $6K
Post by: Kamaji on August 10, 2023, 09:51:53 pm

Quote from: DefiantMassRINO on August 10, 2023, 09:33:00 pm

Bidenomics Utopia

This way antedates Bidenomics.  This is liberal-nomics, specifically, rent control and severe restrictions on land use.

Title: Re: Manhattan rents soar to another record high in July at nearly $6K
Post by: mountaineer on August 18, 2023, 09:55:52 pm

Reason #39677500 why to move out of New York City.
https://twitter.com/micieb/status/1692645155587637296

Title: Re: Manhattan rents soar to another record high in July at nearly $6K
Post by: Smokin Joe on August 19, 2023, 04:32:27 am

Quote from: mountaineer on August 18, 2023, 09:55:52 pm

Reason #39677500 why to move out of New York City.
https://twitter.com/micieb/status/1692645155587637296

Wow. Just wow.

Title: Re: Manhattan rents soar to another record high in July at nearly $6K
Post by: Kamaji on August 19, 2023, 12:12:55 pm

Quote from: mountaineer on August 18, 2023, 09:55:52 pm

Reason #39677500 why to move out of New York City.
https://twitter.com/micieb/status/1692645155587637296

Awww!  They're cute!