Rents in Manhattan surged to a brand new report excessive in July.
For the everyday renter hoping to stay within the metropolis, that would imply spending greater than half their paycheck on lease alone.
Month-to-month rents in Manhattan rose to a record-high common of $5,588 in July, based on Miller Samuel and Douglas Elliman’s newest rental market report, up 9.3% from the identical time final yr. The median lease in Manhattan was $4,400 in July, up 6% from a yr in the past, which can be a brand new report.
In different phrases, the typical rental in Manhattan will value $67,056 a yr, and that’s excluding different charges that could be required, similar to amenity charges — for parking, storage, an in-house health club and different amenities — utility charges, dealer charges, and so forth.
The typical lease in July was $3,300 for a studio, the report mentioned, and $4,400 for a one-bedroom. A two-bedroom would value as much as $6,000, and a three-bedroom may value as much as $11,000 a month.
“Worth-trend indicators returned to reaching new highs this month after falling quick within the prior month,” the report acknowledged.
The typical weekly wage for an individual working in Manhattan was round $4,064, which interprets to over $16,000 a month, based on the Bureau of Labor Statistics. Manhattan’s weekly wage was practically 3 times the nationwide common within the first quarter of 2022, the BLS notes. Monetary companies employees have been among the many high earners.
The costliest place to stay in Manhattan? Downtown — dwelling to neighborhoods similar to Greenwich Village, Tribeca, Chinatown, in addition to the Monetary District — the place median month-to-month rents have been virtually $5,000. The most cost effective a part of Manhattan was on the northern finish of the island, the place the median value was $2,925 per 30 days.
The median value for a rental with a doorman was $5,100 per 30 days, however that would rise to $16,000 per 30 days in a luxurious constructing.
The identical story of rising rents was mirrored throughout different New York Metropolis boroughs, specifically in Brooklyn and in Queens.
In Brooklyn, common month-to-month rents have been up 12% from final July, hitting a brand new excessive of $4,400. The median rental value rose 16% from final yr to $3,950 per 30 days. In Queens, common rents elevated 17% from final July, hitting a brand new excessive of $4,000. The median rental value rose 16% from final yr to $3,600, which was additionally a brand new excessive.
