The median rental price in Manhattan has topped $4,150 for the first time in Big Apple history, according to a jaw-dropping March market report compiled by brokerage Douglas Elliman and appraisers Miller Samuel.
Specifically, the study tallied a median rental price of $4,175 per month, which alone would set back city tenants $50,100 per year.
This would mean that the average New Yorker would need to earn a salary of at least $160,000 per year to get by.
Meanwhile, the average rental price hit a higher $5,115 per month.
(Median rent, largely known as a more reliable way of tracking prices, is the mid-point value of total price samples. The average is the sum of all rents divided by the number of samples.)
For a Manhattan studio, tenants can expect to pay a median rental price of $3,190 per month. And for a one-bedroom, the median rental shoots up to $4,150 per month.
“New York City is entering its primary leasing season, so it is reasonable to expect additional upward price pressure before the market seasonally peaks in August,” Jonathan Miller of Miller Samuel, who authored the report, told The Post.
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Brooklyn has slightly better prices, with a median rental price of $3,493 per month. And prime Northwest Queens’ median equates to $3,300 per month.
The report does not include The Bronx or Staten Island in its tallies.
But the high prices also take into account low demand for mortgages amid ongoing high interest rates — which currently stand at 6.94% for a 30-year fixed rate.
Beginning last summer, several factors contributed to the exorbitant rental market, including a lack of inventory, rising mortgage rates, peak season and the Housing Stability Tenant Protection Act initiated in 2019 — which put into motion new protections against tenant evictions.
This report comes as it was revealed that more than 10,000 New Yorkers fled the state for Florida so far in 2023, extending an ongoing exodus to the Sunshine State.
Additionally, a recent poll found that nearly a third of New Yorkers want to move out due to housing costs and other factors, such as crime and poor schools.
