Rents in Manhattan and other parts of the city have risen to all-time highs — again. This is according to a file a report By Douglas Elliman and Samuel Miller.
In Manhattan, the median monthly rent in July was $4,400, up 6% from a year ago, according to the report. This is a record-breaking fourth time in five months since monthly tracking began in 2008. Median rent in the borough is $5,588, up 9.3% from last year. In Manhattan, the median studio rent is $3,278, and the median one-bedroom rent is $4,443.
Rents in the city have skyrocketed to new heights as the city continues to recover from the COVID-19 pandemic.
In Brooklyn, median monthly rent also hit a new high: $4,347, marking an 11.9% jump from a year ago. Rents have gone up across all apartment sizes, from studios to one-, two-, and three-bedroom apartments.
In northwest Queens, median rent jumped to $4,003, up 16.8% from a year ago.
All of the boroughs saw a slowdown in new leases, despite being in peak rental season, which the report said was likely due to record rents.
Apartments also stay on the market longer before being rented — an average of 35 days in Manhattan, 31 days in Brooklyn, and 46 days in Queens. Last year, a Manhattan apartment for rent was on the market for 26 days.
The report comes as the city grapples with a deep affordable housing crisis, with one-third of New York City households spending more than half of their household income on rent, according to the latest New York City Housing and Vacancy Survey As of May 2022. The federal government considers families who spend more than 30% of their household income on rent to be “rent burdened.”
Another survey of New Yorkers’ financial well-being found that 35% of New Yorkers are unable to meet their basic needs, including housing, food, health care and other costs, according to a report sponsored by the United Way of New York City and the Fund for New York City released in April.
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