That figure marks a 1.7% month-over-month climb from the $4,975 average rent recorded in May.
The average rental price in Manhattan has topped $5,000 for the first time in Big Apple history, according to a June market report compiled by Douglas Elliman and Miller Samuel.
Specifically, the study tallied an average Manhattan rent of $5,058 per month, which alone would set a city tenant back nearly $61,000 a year. That figure marks a 1.7% month-over-month climb from the $4,975 average rent recorded in May, as well as a 29% year-over-year spike from the $3,922 average found in June 2021.
Since late 2021, rents have risen for a variety of factors, one of which includes ongoing record-high inflation rates. Locals also began returning to the city from their COVID hideaways, first as schools reopened and later as companies implemented hybrid office-home arrangements. Out-of-towners who work full-time remote also began moving to New York to take advantage of their locational flexibility.
In June, Manhattan saw 6,433 units available for rent — 11.4% more than the 5,776 listed in May, but a nearly 46% drop from the 11,853 available last June. Among them, listing portal StreetEasy shows, the most expensive in the city: a roughly 6,240-square-foot penthouse at One57 on Billionaires’ Row in midtown listed by Deborah Kern of the Corcoran Group for $150,000, with front-seat views of the Hudson and East rivers, as well as Central Park.
Anna Finkelstein, 24, graduated from Columbia University’s Doctor of Physical Therapy program in May — and for the last month has searched for a two-bedroom, or a flexible one-bedroom, apartment to share with her college friend, 25-year-old Abby Alden, with the help of BOND New York salesperson Ekaterina Vorobeva.
Finkelstein saw one Manhattan apartment whose whole floor was slanted at an angle. Another apartment had its bedrooms in the basement level. At one open house, attendees were told that whoever sent in the deposit first got the apartment. Another open house had 30 people standing in line for 90 minutes total, up the stairs and around the corner.Though Finkelstein can stay with family for now, and Alden has been subletting, they hope things can calm down — and that they can ink a lease in August.
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