Brooklyn and parts of Queens, like Astoria and Long Island City, have seen rent hikes of 17% on a year-over-year basis|@broadcity|Giphy
Rental prices in Manhattan hit a record high in July. Median rent reached $4,400 per month and landlords charged 30% higher than what they did back in 2019, according to the U.S. Census data.
Brooklyn and parts of Queens, like Astoria and Long Island City, have seen rent hikes of 17% on a year-over-year basis. As of July, average rental prices in Manhattan ranged from $3,200 to over $15,000. Phew!
- Studio apartment: $3,236
- One bedroom: $4,366
- Double bedroom: $6,226
- Triple bedroom: $10,744
- Luxury home: $15,260
The increase in rental rates is substantial considering around 400,000 residents left Manhattan between 2020-2022.
Real estate analysts say the Fed interest rate hikes have made people choose not to buy property, they instead opt to rent rather than lease or buy a new home. The number of new leases signed last month dipped 6% compared to July 2022.
Additionally, several people have returned to continue working from the office as many companies now mandate desk attendance.