Average Manhattan rent remains over $5,500 a month
Apartment buildings in the East Village neighborhood of New York, US, on Tuesday, March 28, 2023. New York has surged past London as a pricier location to purchase prime residential real estate, according to new data from Knight Franks annual wealth
NEW YORK - The average rent in Manhattan remains at over $5,500 a month, according to a new report.
According to research firm Miller Samuel and brokerage firm Douglas Elliman, the average rent is now $5,552 a month, down a paltry 0.6 percent from July, but still 32 percent higher than pre-pandemic levels.
The median rent remains at a record high as well, at $4,400 a month.
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According to the report, a lack of new rental buildings has led to low supply, meaning people who might initially choose to buy apartments are opting to rent instead, due to high interest rates.
However, there may be some good news on the horizon. New lease signings declined year-over-year sharply for the fifth time, which could mean that more and more renters are turning up their noses at the sky-high prices.
Apartments are also staying on the market for longer now, with listings staying available for an average of 39 days in August.