The rental market in New York City has recently reached an unprecedented cost, with the price of renting an apartment now at its highest point ever recorded.
New York City Apartment Rent Cost Reached a Record-Breaking Level
Parade reports that apartment rent cost reached a record-breaking level in New York City, especially in Manhattan. The reason behind this is the increase in interest rates.
Recent market reports from real estate agency Douglas Elliman, based on data provided by appraisal firm Miller Samual, in which he revealed that the average monthly rent in Manhattan has surged to $5,588, an increase of 9% compared to last year. The middle prices in rent also hit a new record at $4,400 monthly, while the price per square foot reached $84.74.
CNBC reveals that this marks the fourth time in the past five months that rent cost reached a record-breaking level in Manhattan.
Apartment Rent Cost Reached a Record-Breaking Level in Manhattan; CEO Reveals Higher Rent Cost in August
As per the article in Jackson Progress-Argus, Jonathan Miller, the CEO of Miller Samuel, has disclosed that rental costs in Manhattan might increase in August. This is due to the fact that it is the season when kids go back to school, and apartments will be in high demand.
This surge in rental prices has left many residents struggling to keep up with the rising costs and has led to concerns about housing affordability in the city.