Average Manhattan rents are nearing $7,000 a month, the highest in NYC history
If your monthly rent already feels outrageous, you may want to sit down for this one: the average Manhattan apartment is now renting for $6,655 a month.
That eye-watering figure is an all-time high and represents a 10-percent jump from the same time last year. In other words, Manhattanâs average rent is now considerably closer to $7,000 than $6,000, according to new July rental data from Corcoran, which was first covered by The New York Post.
Studios now average $4,088 per month, up 8-percent year over year, while one-bedrooms average $5,486, a 7-percent increase. Need a little more space? Two-bedrooms have shot up 13-percent to an average of $8,054, while three-bedrooms are going for a frankly dizzying $12,228 per month, up 12-percent from last year. Studios, one-bedrooms and two-bedrooms all reached record highs.
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Median rents, which can offer a better picture of what a typical renter encounters because theyâre less affected by ultra-expensive listings, are also at or near historic highs. Separate July data from real estate appraiser Jonathan Miller put Manhattanâs median rent at $5,000, up 6.4-percent from a year earlier. Corcoranâs latest figures put the median at $5,295.
So exactly what is going on? The simplest answer is that New York still doesnât have nearly enough apartments available. The cityâs most recent official housing survey put the rental vacancy rate at just 1.49-perc