According to relator Douglas Elliman’s rental report for May 2022, the median rent price for a place in Manhattan has reached $4,000 for the first time. Over the last year, the number has risen by over 25.2 per cent, as the median rental price in May 2021 was $3,195.
Regarding the amount of space in Manhattan apartments, the report notes that the average rental price for a studio is $3,300. However, the cost of living in a two-bedroom is significantly higher, with an average rental price of $5,717.
The report shows that the listing inventory of Manhattan apartments has plummeted over the year, as well, as there were 5,776 apartments listed this past May and 19,025 listed in May 2021.
The amount of apartments available for rent in a Manhattan property have also dropped, as the vacancy rate was 1.77 per cent last May, but 7.59 at the same time last year.
On social media, New Yorkers have responded to Manhattan’s right rent price, acknowledging how troubling it is to see and claiming that it may not be worth it to live in the borough.
“NYC is really bad, but tbh, that’s median rent in Manhattan specifically,” one wrote. “Non-rich people either don’t live in Manhattan or they live in public housing or a rent controlled unit or a shithole, most people live in the outer boroughs.”
NYC is really bad, but tbf that's median rent in Manhattan specifically. Non-rich people either don't live in manhattan or they live in public housing or a rent controlled unit or a shithole, most people live in the outer boroughs
— Gay-briel (@Ian_Gay_briel) June 9, 2022
“$3,250/mo rent for a 400 sq. ft. studio apartment in Manhattan but you get in-unit laundry,” another wrote. “Worth it?”
A third user added: “This makes me sick. Only because of rent control and decades living in the same apartment can my family afford to be here. Eventually it’ll be time to live elsewhere.”
Some New Yorks emphasised that rent prices are a reason why they’ve never lived in Manhattan, one of which said: “I have never understood the appeal of living in Manhattan. That’s 48k a year in rent, more than a lot of people earn.”
$3,250/mo rent for a 400 sq. ft. studio apartment in Manhattan but you get in-unit laundry.
— thicc in the head (@saifauto_) June 9, 2022