The average rent for an apartment in Manhattan reached $5,249 in November 2022, while the median rent (which excludes luxury sales) reached $4,033 as rent increases continue to defy predictions for NYC.
NYC average rents hit a skyscraping $5,249
The buildings are sky-high in New York City, and so are the rent prices.
In October 2022, the median rent for a Manhattan apartment was $3,964. Then in November, they jumped another 2%, climbing to $4,033.
The average rent is even higher, as it includes luxury sales. Although it fell slightly from November to December, it is still up 19 percent for the year, at a whopping $5,249, CNBC reported.
Around the country, rents are easing in many places, while prices in New York remain unwaveringly high. It may have something to do with availability, as there is a low amount of empty and unwarranted apartments.
As more workers are returning to the office, more employees may also be moving back to the city, which is increasing demand and holding prices steady. The vacancy rate of apartments available for rent was only 2.5% in December, which is below Manhattan’s more typical rate of 3%.
2023: NYC median rent hits all-time high, average rent rises 13%
In January 2023, median rents in Manhattan hit an all-time high for a similar month, reaching $4,097, a rise of 15% over December, CNBC reported.
The average rent also climbed 13% from a year earlier to reach $5,142, but lower than November 2022’s $5,249.
Luxury apartments truly are sky high
Luxury rents in Manhattan, considered the top 10% of the market, also declined 4.3% to $11,000 in December. This was down from their peak of $13,000 in October 2022. Nonetheless, average and median luxury NYC rents are still the third highest on record, with data going back a decade, brick underground reported.
Rents hit a record high last May
Last May, rental prices reached a new high in New York City when they climbed to $4,000 a month, a year-over-year surge of 25%, CNN reported. At that time, the price for a studio was an average of $2,975, while a one-bedroom was around $3,900. A two-bedroom was nearly $5,000, and a three-bedroom was $6,498.
NYC: High rents and high inflation affects the nation
New York is not only burdened with high rent prices, but the high cost of inflation is adding a double whammy of skyrocketing costs for New Yorkers. In turn, this adds pressure to the overall inflation of the nation since rents are a large component of inflation indexes, and New York is the largest rental market in the nation.
