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Rent in New York City just keeps going up
By
Catalina Gonella
Published Aug 11, 2023
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By
Catalina Gonella
Published Aug 11, 2023
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Rents in Manhattan and other parts of the city are at all-time high — again. That’s according to a new report from Douglas Elliman and Miller Samuel.
In Manhattan, the median monthly rent in July was $4,400, a 6% increase compared to one year ago, according to the report. That’s a record high for the fourth time in five months since the monthly tracking started in 2008. The average rent in the borough is $5,588, a 9.3% increase over last year. In Manhattan, the average studio rent is $3,278, and the average 1-bedroom is $4,443.
Rents in the city have soared to new highs as the city continues to recover from the COVID-19 pandemic.
Over in Brooklyn, the average monthly rent also hit a new high: $4,347, marking an 11.9% jump compared to one year ago. Rents were up across all apartment sizes, from studios, to one, two and three-bedroom apartments.
In Northwest Queens, average rent jumped to $4,003, a 16.8% increase from last year.
All boroughs saw a slowdown of new leases, despite being in the peak of leasing season, which the report said was likely due to the record-high rents.
Apartments are also staying on the market longer before they’re rented — an average of 35 days in Manhattan, 31 days in Brooklyn, and 46 days in Queens. Last year, an apartment for rent in Manhattan stayed on the market for 26 days.
The report comes as the city faces a deepening affordable housing crisis, with a third of New York City households spending more than half their household income on rent, according to the most recent New York City Housing and Vacancy Survey from May 2022. The federal government considers families who spend more than 30% of their household income on rent to be “rent-burdened.”
Another survey of New Yorkers’ financial wellbeing found that 35% of New Yorkers are unable to meet their basic needs, including housing, food, healthcare and other costs, according to a report sponsored by the United Way of New York City and the Fund for the City of New York released in April.
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Catalina Gonella
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