New York City’s downtown, Manhattan, is considered one of the plushest places to live in the world. Its rental market continues to skyrocket, reaching new heights in May. For the third consecutive month, rents in the borough hit a record high, solidifying its reputation as an expensive place to live.
The median cost of renting an apartment in Manhattan soared to $4,395 in May, marking a 10% increase from the previous year and a 3.6% increase from April’s record high of $4,241. The average rent for all apartments in May was $5,379, which roughly translates to around 4.3 lakhs in INR per month.
Unfortunately, there is little relief in sight for those seeking affordable housing in New York City. While rental markets in some parts of the United States are cooling down, Manhattan’s rents show no signs of easing up. As we enter the peak rental season, typically leading up to a late summer peak, it is anticipated that prices will continue to climb, possibly breaking more records before September.
With a surge in new leasing activity during this peak season, it is reasonable to expect several more months of record-breaking rents in Manhattan.