Average Manhattan rent rocketed to $5,249 in November - up 19% in a year trends now
The average rental price in Manhattan was at a near all-time-high again last month, as higher mortgage rates and home prices drive potential homebuyers into rentals.
The typical rent in the borough was $5,249 in November, up 19 percent from 2021 and the third-highest ever recorded, according to real estate brokerage firm Douglas Elliman and Miller Samuel.
The average rent was down slightly from October's numbers but year-on-year rent keeps rising in the first year of Mayor Eric Adams' term.
Median rent, which is a better reflection of the prices a typical renter would face, hit $4.095, up 18.7 percent from this time in 2021 and 2.1 percent from October.
Most Manhattan landlords require annual income of 40 times the monthly rent, meaning renters would need to bring home a salary of at least $163,800 to secure the median apartment.
Listing inventory for rentals is up four percent from this point last year. Back in July, listing inventory was down 44 percent, so the market appears to be opening up a bit.
The average rental price in Manhattan was at a near all-time-high again last month, as higher mortgage rates and home prices drive potential homebuyers into rentals
The typical rent in the borough was $5,249 in November, up 19 percent from 2021 and the third-highest ever recorded, according to real estate brokerage firm Douglas Elliman and Miller Samuel
The average rent was down slightly from October's numbers but year-on-year rent keeps rising in the first year of Mayor Eric Adams' term
The typical apartment spends just 21 days on the market before being snapped up by a renter, less than a third of the standard turnaround seen a year ago.
Two-bedrooms had a median rent of $5,500 in November, and three-bedrooms typically went for
