Average rent in the New York City borough of Manhattan surpassed $5,000 in the month of June, according to a recent report from real estate appraisal firm Miller Samuel.
As vacancy rates remained under 2%, average rent in Manhattan reached $5,058 — a 1.7% surge since May and a 29% increase year-over-year — while the average rental price per square foot hit $82.18.
The median rental price of a Manhattan studio apartment has increased 16.7% year-over-year to $2,900, and the median price of a one-bedroom rose 21.2% to $4,000 over the same period. Manhattan’s average weekly wage of $3,967 as of early 2021 was the highest in the country and more than triple the national average of $1,289, according to the U.S. Bureau of Labor Statistics.
Miller Samuel CEO and Columbia University professor Jonathan Miller told The Daily Wire that “inbound demand” is a key driver of the soaring rental prices.
