New York

Manhattan renters struggling to find affordable apartments as rent soars to record $5,000 a month

NEW YORK — If you thought New York City rent could not go any increased, it has.

The common month-to-month rent in Manhattan has hit a record $5,000 a month, and renters are struggling to pay it.

CBS2’s Natalie Duddridge ran into Mike Dias simply as he was speeding to see an condo in Hell’s Kitchen to beat the opposite bidders.

“It’s crazy right now, insane,” he mentioned. “We’re trying to stay under $4k, hopefully.”

One couple who simply moved from the West Coast to New York says they’re priced out of 1 bedrooms, in order that they’re taking a look at studios, and even that’s a problem.

“Our budget is around $3,500, so it’s been pretty hard to find anything,” one individual mentioned.

READ MORE: Manhattan rents hit record excessive for the sixth month in a row

According to a report by Douglas Elliman, a one-bedroom reached a record common of $5,058 in June, and it went up much more in July to $5,113. That’s $1,000 greater than a year in the past.

“I’ve never seen these prices, and also the desperation for people to really find somewhere to live,” Douglas Elliman agent Melinda Sicari mentioned.

She says she anticipated as soon as pandemic reductions have been over, tenants would not give you the option to afford rent and would transfer, however many, regardless of huge will increase, stayed.

This got here as employees returned to the town, and for the final eight months, the emptiness rate dropped beneath 2 %.

Add to the combo, the dearth of latest builds.

READ MORE: At least 1/3 of New York City renters being priced out after pandemic offers, StreetEasy report says

“Nothing has been built for the last three years because of the, you know, pandemic, but the cost of construction right now has doubled because of supply chain issues,” actual property developer Sam Liebman mentioned.

Liebman predicts costs might maintain rising.

“If they’re not going to build and increase the supply and there’s more demand, the prices are just going to keep going up … Remember, those are free market rent, so the landlord can basically charge what they want,” he mentioned.

If you’re on the lookout for a low cost, consultants say shifting to Brooklyn or Queens might nonetheless rating you some financial savings. Average rental in Brooklyn was $3,883 in July whereas it was $3,426 in Queens.

Two males have been too busy shifting out to cease and discuss however mentioned with the rents sky excessive, they are going again dwelling to reside with their dad and mom.

Housing consultants predict the subsequent break for Manhattan renters will likely be throughout the vacation season.

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