Despite New York City losing residents following the COVID-19 pandemic, Manhattan NYC has seen its rent hit a record average of $5,588 per month. Altogether, the rent in the city is up a remarkable 30% when compared to the average just four years ago.
Moreover, the rent increased by 9% over last year and marks a new record for the month of July. Additionally, the median rent has also reached a new record of $4,400 a month. The price per square foot for rent in the borough has also reached $84.74, according to a CNBC report.
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Manhattan Rent Hits Record Figure in July
The inflation concerns of the United States have been a focus for much of the last year. However, some of the largest cities in the country have experienced notable increases in their living expenses as a result. In NYC, specifically, Manhattan has seen its rent reach a record average of $5,588 per month.
Higher interest rates and low availability have continued to equate to skyrocketing prices for the New York borough. Moreover, it has been the fourth time in five months that Manhattan has reached a new rent record. Displaying prices that are abundantly higher than they were in pre-pandemic New York City.
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What makes it all the more interesting is that the rent increase comes amid a loss of residents in the borough. Indeed, Manhattan has seen a loss in population due to the pandemic, with rents still up 30%. Additionally, Jonathan Miller, CEO of Miller Samuel, told CNBC that August could see yet another record-breaking month.
The increasing rent figures have gone against predictions from analysts. Specifically, the borough saw its residents fall by 400,000 from June 2022 to June 2022, the report notes. Moreover, they assure that population figures, despite growing since last year, are still well below where they were in 2019.
Nevertheless, that has not diminished the rent prices, which continue to increase. Many experts assume this is due to a combination of low availability and high-interest rates. However, the report states that apartment inventory for rent increased by 11% last month. Yet signed leases had fallen by 6% since last year.
