THE BIG CITY TEAM
  • Home
  • Our Team
  • Exclusive Listings
  • Google Reviews
  • Blog

Average Manhattan rent soars above $5,000 for the first time ever

7/14/2022

0 Comments

 
Picture
By Colin O'Leary
July 14th, 2022


The average rental price in Manhattan has soared above $5,000 for the first time ever according a
June market report compiled by Douglas Elliman and Miller Samuel. The report finds that the average Manhattan rent in June was $5,058 per month, a 1.7% increase from the $4,975 average rent price recorded in May. Rental prices have soared over the past year in Manhattan, up an astonishing 29% year-over-year. The average monthly rent price in June 2021 was $3,922. 

The supply of rentals in Manhattan is way down at a time when demand is increasing. In June, the report notes that Manhattan had 6,433 units available for rent, a 46% drop from the 11,853 units that were available in June of 2021. 

There are several factors driving the increase in rental prices in NYC. Demand for rentals is up because more and more people are returning to the city after long absences due to the covid pandemic. Inflation and supply chain issues are also putting pressure on supply. Rising mortgage rates are not helping either, making it less affordable to purchase, which in return is causing potential buyers to continue renting for longer. 

0 Comments



Leave a Reply.

    Archives

    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021

    Picture

    Follow The Big City Team on Social Media!

    RSS Feed

Picture
The Big City Team 
Berkshire Hathaway HomeServices
590 Madison Avenue, 40th floor
New York, New York 10022
Founder & Team Leader: Colin R. O'Leary
​Email: thebigcityteam@bhhsnyp.com
​Phone: 646-300-2012
Picture


​​​Berkshire Hathaway Home Services New York Properties: © 2022 An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Information not verified or guaranteed. If your home is currently listed with a Broker, this is not intended as a solicitation. Copyright © 2022 The Big City Team at Berkshire Hathway HomeServices New York Properties, All rights reserved
​Privacy Policy
Picture
Picture
  • Home
  • Our Team
  • Exclusive Listings
  • Google Reviews
  • Blog