Home News Median rent price in Manhattan reaches $4,000 for first time

Median rent price in Manhattan reaches $4,000 for first time

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New York, New York, it’s the city of Helva! As long as you can afford it.

Because the city rent continues Reach height after a pandemicThey have finally reached a brand new, and bankruptcy benchmark.

Median rent reached $ 4,000 for the first time in Manhattan, according to a May rental market report by Douglas Elliman, which tracks prices in parts of Manhattan, Brooklyn and Queens. This high amount is up 25.2% year-on-year from the median rent in Manhattan of $ 3,195, which was aggregated in May 2021. It also reached 19,025 units in May last year due to an increase in rental contracts and a list of available Manhattan rental unit inventories. — Last month it plummeted to 5,776, down almost 70% year-on-year.

Demand is demanded not only by New Yorkers who fled the town during the worst of the coronavirus pandemic and gradually returned to town as schools and offices reopened, but also by the big move of out-of-town people working in remote areas. It is increasing. Apple takes advantage of its ongoing flexibility.

The demand for urban housing was partly brought about by out-of-town people moving to New York to work in remote areas.
Getty Images / Tetra Images RF

This is a recipe that creates challenging hunts for tenants wandering around in search of new spreads.One of them Eden Tuckman, Keller Williams NYC 23-year-old distributor. For the past three months, I’ve been looking for a two-bedroom Manhattan apartment with my roommate within 20 minutes of Grand Central. The problem of Manhattan’s inventory shortage has become a major hurdle, even though they are willing to spend up to $ 3,700 a month — and they aren’t in debt yet.

“As soon as the apartment is posted online, it’s basically done,” Tuckman said, even if he quickly sends an email to schedule an apartment visit, “there’s already another applicant.” I added.

As a result, and to find an apartment to share, the two have already made sacrifices. Now it’s okay if you don’t have a dishwasher or laundry in the building. It was once considered a walk-up on the 6th floor. Now they are looking for a third roommate. She predicts that she should open more doors to the available units.

“It’s a game at the end of the day, it’s really disappointing because it’s home,” she said. “People need a place to live, but that doesn’t help at all.”

Big Apple has a big price tag, and the median rent reached $ 4,000 last month.
Big Apple has a big price tag, and the median rent reached $ 4,000 last month.
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As the price of available apartments rises, so does the overall home inventory.
As the price of available apartments rises, so does the overall home inventory.
Getty Images

Even the crushing of prospective tenants looking for housing remains inventories at shockingly low prices throughout the city. In Manhattan, Brooklyn and northwest Queens, a total of 9,103 units were available for rent in May. In May last year, a total of 35,429 rental units were on the market in these three areas. At that time, there were many locals. New wreath with ink For units upgraded at the same or lower price than previously paid. The largest regional decline occurred in northwestern Queens, including Astoria and Long Island City, with inventories down 87.5% year-on-year from 2,994 to 373.

That said Bidding war The competitive method that has long been a headache among buyers in the city’s sales market is still very present on the rental side. In Manhattan, aggregates show that 18.5% of the approximately 4,934 units rented last month entered the bidding war. In Brooklyn, 23.8% of the 1,531 inked leases were involved in the bidding war. In those parts of the Queens surveyed, 16.1% of the 404 units rented saw a bid war broke out.

As the market remains as it is, Tuckman has no choice but to continue to challenge.

“It’s a part-time job at the end of the day,” she said. “I came back to help the client find a place, then do I have to find my place?”

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