Save the median rent in New York in excess of $5,000

A real estate analysis shows that the average rent in Manhattan has risen 29 percent since last year to a historical high of $5,058 a month.

The average rental price in Manhattan is $4,050, up 25% from last year.

“As the rental market continues to show stable conditions, the landlord’s concession market share continues to decline as prices rise to new records,” real estate agent Douglas Elliman said in a report.

Median rent exceeds $5,000 for first time in Manhattan https://t.co/ayMOHXqdkM

– TimeOut New York (@TimeOutNewYork) 14 July 2022

The Time Out website reported a massive rent increase after the coronavirus pandemic that effectively shut New York City down for two years:

Not surprisingly, Manhattan has reached new heights. In addition, average rent in Brooklyn was $3,822 (20 percent year-on-year) and in Northwest Queens, average rent in June was $3,352 (15.1 percent year-on-year increase).

It keeps track of everything—PropertyShark released its own report on the most expensive neighborhoods to buy an apartment and found that NYC’s 38 counties earned more than the median $1 million, even as New York’s total fell to a median of $755,000.

So at such a high selling price, it makes sense for potential buyers to simply choose to rent, which is one of the reasons why rents are soaring, according to cnbc.com. Families are also returning to the city after leaving during the pandemic, and as usual, young professionals flock to the city after graduation, according to broadcast reports. All this led to bidding wars.

“As the average premium paid on the final price a landlord charges also rose from 9.9% to 18.2%, bidding wars accounted for 16.6% of new leases compared to 8% in the same period last year. was forming”.

Mansion Global provided another piece of analysis in their report:

However, the number of rented houses is not enough to meet the increasing demand. Rental inventory in Manhattan fell 45.7 percent year on year to 6,433 units in June. According to the report, due to a lack of supply, the number of new hires fell almost 46.7 percent from last year’s level to 5,143.

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