The average rent in Manhattan reached $ 5,000 for the first time in the history of the Big Apple, according to a beautiful June market report compiled by Douglas Elliman and Samuel Miller.
Specifically, the study counted an average Manhattan rent of $ 5,058 per month, which alone would repay the city’s tenant nearly $ 61,000 annually. That number is month-on-month, 1.7% higher than the average rent of $ 4,975 recorded in May, as well as a 29% year-on-year increase from the average rent of $ 3,922 in June 2021 .
Last month, Elleman and Samuel Miller revealed that for the first time ever in May, the Manhattan area averaged $ 4,000 in rent, a 25.2% year-on-year jump from an average of $ 3,195 last May. .
Average rent is the average value of the total price samples. Average rent is the sum of rents divided by sample size.
Since late 2021, rents have risen for a variety of factors, including record high inflation rates. Locals are also starting to return to the city from their COVID bunkers, first as schools reopen and later as businesses implement mixed arrangements between offices and home. Full-time telecommuters are also starting to move to New York to take advantage of the flexibility in positioning.
Elliman also added that, with an increase in mortgage rates, potential buyers have turned to rent, putting further pressure on an already tight market, which has recently been marked by bidding wars to secure leases for a rare number of units.
In June, Manhattan had 6,433 units available for rent – an 11.4% increase from the 5,776 listed in May, but a nearly 46% drop from 11,853 units available last June. Among them, the list of Gateway StreetEasy deals, the city’s most expensive: a 6,240-square-foot penthouse on One57 on downtown Billionaires Row, listed by Deborah Kern of Corcoran Group for $ 150,000, overlooking the front seat of the Hudson and Eastern Rivers as well as Central Park. For the cheapest, get $ 1,300 a month for a one-bedroom apartment near the A-train station in downtown Inwood.
The report also follows statistics in Brooklyn and northwestern Queens. Among the three regions, a total of 10,271 units were listed in June. In June 2021, there were 26,256. The figures for the Bronx and Staten Island are not included.
In turn, Brooklyn saw an average rent of $ 3,822, 20% higher than $ 3,185 last June. Meanwhile, it averaged $ 3,300 – an increase of 22% year-on-year. Northwest Queens, which includes key Astoria, had average rents of $ 3,352 in June, 15.1% higher than last June’s average of $ 2,913. That region averaged $ 3,002 in June, an increase of 11.2% from last June.
Anna Finkelstein, 24, graduated from Columbia University’s Ph.D. program in May – and last month sought a two-bedroom apartment or a flexible one-bedroom apartment to share with her colleague, 25-year-old Abby Alden, with help of BOND sales representative Ekaterina Vorobeva.
“Even in the last three weeks, I think I’ve seen about 25 to 30 apartments – I’m going to check out five apartments a day,” said Finkelstein, who added that she and Walden had searched downtown East, Midwest. . and Upper East Side and West Side Al Alawi with a monthly budget of $ 4,000 in between.
She later added, “We have a very wide live range, but that did not make our search any easier. That means I run more.”
Finkelstein saw one apartment in Manhattan, the entire floor of which was tilted. Another apartment had its bedrooms downstairs. In an open house, those present were informed that whoever sent the deposit got the apartment first. There were 30 people in another open house who stood in line for 90 minutes, with the stairs up and around the bend.
“When that happens, you do not apply,” Finkelstein said. “You’re like, Impossible.”
Although Finkelstein can stay with the family for the time being, and Alden has sublet, they hope things calm down – and they can sign a lease in August.
“We just have to keep doing research – and keep reaching out to brokers hoping to get something early before it hits the market,” Finkelstein said.