The average monthly rent in Manhattan was $5,058 in June. That's up nearly 30% from a year ago and marked the first time the average has gone above $5,000 a month.
The median monthly rent paid by a tenant for a condo or coop in Manhattan climbed to $4,050 in June, up nearly 25% from a year ago and setting a new record high for the fifth month in a row, according to a report from brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. The median rent -- which is the mid-point of all rents -- just rose above $4,000 a month for the first time in May.
And little relief is expected for renters in the near term, said Miller."New leasing activity in Manhattan doesn't peak until the end of the summer," said Miller."Barring a recession, we're expecting a seasonal increase in demand, putting more upward pressure on rents.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Manhattan rent is now $5,000per month, on averageNew Yorkers may still be avoiding the office, but they want to live in the city. Demand is surging.
Read more »
Blockchain Gaming Publisher Animoca Brands Secures $75M — Firm's Pre-Money Valuation Rises to $5.9B – Bitcoin NewsThe latest capital injection of $75 million brings Animoca Brands' overall pre-money valuation to $5.9 billion.
Read more »
Manhattan rent is now $5,000per month, on averageNew Yorkers may still be avoiding the office, but they want to live in the city. Demand is surging.
Read more »
Oakland A’s swap out arms, add former Rays reliever to rosterThe A’s added two new pitchers to the roster Tuesday in Texas.
Read more »
Thinking of buying a car? You might be in for sticker shockExperts say the average car payment has surpassed $700 a month, with the cost of a new car reaching record highs.
Read more »