Manhattan Rents Hit Records as NYC Housing Costs Keep Climbing
The median Manhattan apartment rent reached a record $5,000 per month, up 6.4% year-over-year, with luxury units and Brooklyn also setting new highs.
New York City rental costs reached fresh records in the latest data. The median apartment in Manhattan now rents for $5,000 per month, a 6.4% increase compared with a year earlier.
High-end units moved even more sharply: the median luxury Manhattan apartment rent jumped 31% year-over-year to a record $13,750 per month. Brooklyn also posted a record median rent of $4,500 per month in July, while available inventory fell 27% from the same period last year.
Source: The Kobeissi Letter