It's Official--the Average Rent in Manhattan is $5,000 a Month, a New Record

[Celerity]

https://www.thedailybeast.com/the-average-rent-in-manhattan-is-now-dollar5000-a-month-a-new-record



The price of living in Manhattan ballooned all the way up to a new record last month, according to a report.

The average monthly rent—which is the sum of all rents divided by the number of all the rents counted in the data—was $5,058 in June, according to analysis from Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants.

The brutal figure is the first time the average has crept over $5,000 for the NYC borough. The firm said the overheating rental market was getting hotter in part because prospective buyers are deciding to hold off on purchasing a property in the current housing market.

“You have more people pivoting, they were on the margin to buy a home, but now with mortgage rates spiking, they are in the rental market,” said Miller Samuel CEO and President Jonathan Miller. “The market is already tight. This makes it tighter.”

Read it at CNN

[brooklynite]

2. Supply and demand...

People WANT to come to New York and they usually mean Manhattan.

[Celerity]

4. Same for London.

[purr-rat beauty]

3. our mortgage is a 1/3 of that

and we have parking, a nice lawn, lots of space, nice neighbors, and equity!

[Kaleva]

5. What's the median?

[Celerity]

7. Manhattan median rent hits new high of $4,000 a month for May

https://edition.cnn.com/2022/06/09/homes/manhattan-rents-may-2022/index.html

[Kaleva]

12. Half the rentals are less then $4k a month

Still quite high.

My eldest step-son and his family rented a three bedroom split level with attached garage for $500 a month plus utilities in central Upper Michigan a few years ago.

[Grasswire2]

8. are some properties still rent controlled?

An old friend of mine and his partner live six blocks from Central Park. He was disabled with Covid & a cardiac valve replacement -- in rehab for 144 days -- and I wonder how they can afford $4,000 a month.

[Celerity]

9. yes

[BeyondGeography]

10. I have a friend who pays $171 a month for a railroad apartment

It’s 500-square-feet. Been there since 1961. It’s an old tenement that has been through a makeover so his neighbors pay around $3k a month. Like a lot of people in those situations, he’ll be going out feet first. And then his unit will be priced at “market level.” There’s only about 16k rent controlled apartments left in NYC.

[Grasswire2]

11. My friend says his apt near Central Park is tiny.

He says if he buys a new pair of shoes he has to throw out the old ones. Haha.

He does have a large piano, as a professional pianist, so that's likely part of the problem tho.

[SYFROYH]

13. 25 years ago my brother lived in Stuyvesant Village and paid $1200 for a 2BR1BA

We thought that was nuts.