According to a new report, rental prices have seen major increases since 2022, with the average rental price in Manhattan now at $5,142.
from Douglas Elliman and Miller Samuel, the median rent in Manhattan is currently an eye-watering $4,097, an increase of 15.4% from January 2022, and the average rent is a shocking $5,142.
According to the report, the median rent is now the third-highest on record and 14% higher than pre-pandemic rentals.And it's not getting any cheaper in the boroughs either. The average rental price in Brooklyn is now $4,165, a shocking 31.7% increase over last year. Even something as simple as a studio apartment will set you back an average of $2,971 a month, according to the report.
Northwest Queens also saw a double-digit percent increase in average and median rent prices, with the average rental price now standing at $3,577 and the median rental price at $3,369. Cost of living issues has become a major issue for New Yorkers, as rent increases take a bigger and bigger bite out of people's paychecks.
According to a recent report, 68.5% of New Yorkers are paying more than 30% of their monthly income in rent, by far the highest amount in the nation. Another survey from the United Way alleges that minimum wage workers in New York City would need to spend a jaw-dropping 111 hours on the job each week just to afford a one-bedroom apartment. Affordability is one of several factors that appear to be driving homebuyers out of the Big Apple, with a study by Redfin.
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