Manhattan rents hit record high in March, causing concern for stabilized tenants.
TL;DR
Manhattan's median rental price has reached an all-time high of $4,175 per month, with the average rental price hitting $5,115 per month. The high prices are due to a lack of inventory, rising mortgage rates, peak season, and the Housing Stability Tenant Protection Act. The report does not include The Bronx or Staten Island in its tallies. Meanwhile, more than 10,000 New Yorkers have fled the state for Florida so far in 2023, and nearly a third of New Yorkers want to move out due to housing costs and other factors.
Topics:businessreal-estate#high-interest-rates#housing-market#manhattan#new-york-city#real-estate#rental-prices
- Manhattan rents reach all-time high at $4,175 per month as exodus continues New York Post
- Manhattan median rents hit another high in March CNN
- Manhattan rents soared to fresh record in March New York Post
- Most NYC stabilized tenants pay a third of income on housing, as panel mulls rent hike Gothamist
- March Rents Top Last Summer's High The Real Deal
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