The average price for rent in Manhattan, New York, has exceeded $5,000 per month for the first time in history, according to a report.
The average rent of $5,058 per month in June is $83 higher than the average in May and $1,136 higher than the average in June 2021, according to a report from Douglas Elliman and Miller Samuel.
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Manhattan’s median rent has also been rising, with it reaching $4,000 for the first time in May, according to a report.
Other large metropolitan areas have seen rising median rental prices but are not as expensive as the New York City borough. Los Angeles has a median rent of $3,400, Chicago has a median rent of $2,454, and Washington, D.C., has a median rent of $2,681, according to Redfin. The national average for median rent is $2,002.
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New York City has seen a boom in the housing market since the recovery from the pandemic, and prices have also been affected by inflation, which has risen 9.1% year over year in the consumer price index, according to the Bureau of Labor Statistics.
