The average rent in Manhattan has reached $5,000 for the first time in the history of the Big Apple, according to an astonishing report Market report for the month of June Compiled by Douglas Elliman and Samuel Miller.
Specifically, the study counted an average Manhattan rent of $5,058 per month, which alone would set the city’s tenant back nearly $61,000 annually. That number is up 1.7% month-on-month from the $4,975 average rent recorded in May, as well as a 29% year-over-year rise from the $3,922 average rent in June 2021.
Last month, Elleman and Samuel Miller revealed the Manhattan area Average rent was $4,000 For the first time ever in May, a 25.2% year-over-year jump from an average of $3,195 last May.
Average rent is the mean value of the total price samples. Average rent is the sum of rents divided by sample size.
Since late 2021, rents have risen for a variety of factors, among them Record high inflation rates. Locals are also beginning to return to the city from their COVID bunkers, first as schools reopen and later as businesses implement mixed arrangements between offices and home. Full-time telecommuters are also beginning to move to New York to take advantage of the flexibility in positioning.
In June, Manhattan saw 6,433 units available for rent — an 11.4% increase from the 5,776 listed in May, but a nearly 46% drop from 11,853 units available last June. Among them, the list of Gateway StreetEasy offerings, the city’s most expensive: a roughly 6,240-square-foot penthouse on One57 on Billionaires Row in downtown listed by Deborah Kern of Corcoran Group for $150,000, with front-seat views of the Hudson and Eastern Rivers as well as Central Park. For the least expensive, $1,300 a month gets you a one-bedroom apartment near the A-train station uptown in Inwood.
The report also tracks statistics in Brooklyn and northwest Queens. Among the three regions, a total of 10,271 units were listed in June. In June 2021, there were 26,256. The figures for the Bronx and Staten Island are not included.
For its part, Brooklyn saw a median rent of $3,822, up 20% from $3,185 last June. Meanwhile, it averaged $3,300 – a 22% year-over-year increase. Northwest Queens, which includes key Astoria, saw median rents of $3,352 in June, up 15.1% from last June’s average of $2,913. That region averaged $3,002 in June, an 11.2% increase from last June.
Anna Finkelstein, 24, graduated from Columbia University’s Ph.D. program in May—and last month searched for a flexible two-bedroom or one-bedroom apartment to share with her college friend, 25-year-old Abby Alden, with the help of BOND sales representative Ekaterina Vorobeva.
“Even in the past three weeks, I think I’ve seen about 25 to 30 apartments — I’m going to see five apartments a day,” said Finkelstein, who added that she and Walden searched downtown on the East, Midwest, the Upper East Side and West Side Al Alawi with a monthly budget of $4,000 in between.
She later added, “We have a very wide neighborhood range, but it didn’t make our search any easier. That means I run more.”
Finkelstein saw one apartment in Manhattan, the entire floor of which was tilted at an angle. Another apartment had its bedrooms downstairs. In an open house, those present were told that whoever sent the deposit got the apartment first. There were 30 people in another open house standing in line for 90 minutes, up the stairs and around the corner.
“When that happens, you don’t apply,” Finkelstein said. “You’re like, Impossible.”
Although Finkelstein can stay with the family for now, and Alden has sublet, they hope things will calm down — and they can sign a lease in August.
“We just have to keep researching — and keep reaching out to brokers hoping to get something early before it comes to market,” Finkelstein said.
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