The rental prices in Manhattan hit another record in May, according to a monthly report released by the brokerage Douglas Elliman and Miller Samuel, a valuation and consulting firm. The average cost of renting an apartment in Manhattan was $4,395 in May. This represents a 10% increase compared to the previous year and a 3.6% increase compared to April, when rents reached a record of $4,241.
A one-bedroom apartment had an average rent of $4,275 in May, a 7% increase from last year, while a two-bedroom apartment had an average rent of $5,400, an 8% increase from the previous year. A studio apartment was rented for an average price of $3,200, a 7.6% increase from last year.
Over the past 18 months, rents in New York City’s prime neighborhood have consistently been near or breaking records.
Rents have also been at record levels in the Brooklyn and Queens neighborhoods last month, according to the report.
Brooklyn hit a record for the average rent price for the second consecutive month, with the average price of all apartments at $3,550, a 1.4% increase from April and a 9.2% increase from the previous year.
In Queens, the average rent of $3,402 in May was the second highest ever recorded, a 15.3% increase from the previous year.
Source: CNN