Do you dream of living in the metropolis of New York? Be aware that this comes with a serious price tag. The average rent in New York has risen to $5,000 a month for an apartment.
The average monthly rent in Manhattan is $5,058. That’s nearly 30% more than a year ago and the first time the average has surpassed $5,000 a month. “Rentals were in part driven up by potential homebuyers who decided to delay their search and rent instead,” said Jonathan Miller, CEO of real estate firm Miller Samuel.
The average price for a three-bedroom apartment in June was $9,469 per month, up from $7,394 a year ago. Meanwhile, the average price for a one-bedroom was still below $5,000 at $4,278, up from $3,475 a year ago.
The discounts landlords offered tenants when the market collapsed during the pandemic are now completely gone, a report shows. Only 15% of new offers offered a discount, compared to 34% a year ago.
“It won’t continue to rise, but in the short term it will,” Miller says. “As things stand, I’m not sure what will bring rents down.”
Free unlimited access to Showbytes? Which can!
Log in or create an account and don’t miss out on any of the stars.