Manhattan Rental Prices Again Setting New Records, Brooklyn Not Far Behind
Manhattan rental prices continue to rise, which should come as no surprise to anyone who has been looking for an apartment to rent recently. According to a Citi-Habitats report issued last month, the average rent for a Manhattan rental apartment hit an all-time high in March, clocking in at an astonishing $3,418 a month, beating out the previous record of $3,394 set all the way back in May of pre-recession 2007.
Just to repeat: the average Manhattan rental apartment is going for more than $3,400 a month! There were price-hikes recorded in all size Manhattan rental apartments too, with studios leading the way, showing a hefty 10% increase over the same time last year. Most of the usual-suspect neighborhoods are at the top of the list: Soho and Tribeca rental apartments are averaging well over $8,000 a month right now, and there are seven Manhattan neighborhoods in all in which the average monthly rent tops $5,000, including Union Square, Battery Park City, and the Flatiron.