The fact that you can rent an apartment for $2,000 a month throughout most of America would blow the minds of New Yorkers. This is because the average rent for a place in Manhattan is higher than ever these days.
For the second straight month, the average rent for a place in Manhattan is over $5,000, when merely a year ago it was $1,000 less.
Even $1,000 less is double the amount that most people pay for rent throughout the rest of the country, illustrating just how expensive it’s become to live in New York City.
“Elevated rents may be here for a while, at least until the Federal Reserve stops pushing interest rates higher, tipping would-be buyers into the rental market,” said Miller Samuels Inc CEO Jonathan Miller. “Their efforts to damage the economy to slow inflation have shifted the housing market frenzy from sales to rentals.”
Even just to rent a meek studio apartment in Manhattan would cost you $3,191 per month, while a one-bedroom would go for $4,277, and a two-bedroom goes all the way up to $5,810.
So if you’re looking to move into Manhattan, be sure you have the means to do so. It looks as though prices there are only getting worse, and it’s clear when it will slow down.