Compound seasonality with an already airtight rental market, and you have the median new renter spending the equivalent of a Hermès room divider in rent each year.
Manhattan rent price tops $4,000 for the first time. It’s your fault.
In MNE MKR’s first issue, I wrote about how awful the Manhattan rental market was in March. Sorry to say, but it got even worse in May.
The median monthly rent in the borough ratcheted up to $4,000 for the first time—a 25% year-over-year increase, according to a report out this week by Miller Samuel and Douglas Elliman. The average rent was just short of $5,000, and the median price for an apartment in a doorman building was $4,790. Bonkers.
What’s driving the increase: You. This is your fault.
- Like your Hinge dating game, the city’s rental market heats up in the summer as interns (like many of you new subscribers), new graduates, and others move in.
- Compound seasonality with an already airtight rental market, and you have the median new renter spending the equivalent of a Hermès room divider in rent each year.
It might be as hard, but you can still find a New York apartment for the summer. Read the MNE guide to moving to NYC.
