In Manhattan and the rest of the city, rents have reached an all-time high — once again. A new report by Douglas Elliman and Miller Samuel reaches this conclusion.
According to the report, the median monthly rent in Manhattan in July was $4,400, a 6% increase compared to the same time last year. Since 2008, when monthly monitoring began, this is the fourth occasion in five months that a new record has been set. The average rent in the borough is $5,588, an increase of 9.3% from the previous year. In Manhattan, the average monthly rent for a studio is $3,278 and for a one-bedroom, $4,444.
As the city continues to recover from the COVID-19 pandemic, rents have reached unprecedented heights.
In Brooklyn, the average monthly rent reached a new high: $4,347, an increase of 11.9% from one year ago. All apartment sizes saw rent increases, including studios, one-, two-, and three-bedroom apartments.
The average rent in Northwest Queens rose to $4,003 this year, a 16.8% increase from the previous year.
Leasing Slowdown Across Municipalities Amid Record-High Rents During Peak Season
Even though it was the height of the leasing season, new leases slowed in every municipality, which the report attributes to record-high rents.
In Manhattan, apartments are remaining on the market for an average of 35 days, in Brooklyn for 31 days, and in Queens for 46 days. A rental condominium in Manhattan was on the market for 26 days in 2012.
According to the most recent New York City Housing and Vacancy Survey from May 2022, one-third of New York City households spend more than half of their household income on rent. This report comes as the city confronts a worsening affordable housing crisis. The federal government considers families who pay more than 30 percent of their household income on rent to be “rent-burdened.”
United Way of New York City and the Fund for the City of New York produced a study in April based on a poll of New Yorkers’ financial well-being that indicated 35% of New Yorkers are unable to satisfy their basic necessities.