NEW YORK CITY'S AVERAGE RENT IS $5,588 PER MONTH

By Matt Case August 11th 

In a notable development, New York City has reached a significant threshold, albeit one that may not elicit celebration. The average monthly rent for apartments in Manhattan has surged to an unparalleled pinnacle, exceeding $5,500.

This marks the fourth instance in the last five months where the city has established a new benchmark. Remarkably, this surge in rent prices persists despite a substantial exodus of residents during the pandemic. The increase amounts to over 30% since the year 2019, underscoring the persistent upward trajectory of rental costs in the city.

The average monthly rent in Manhattan has hit an all-time high of more than $5,500 Stock Photo: Getty Images