The cost of rent is soaring in New York City.
Street Easy Data shows the average Manhattan rent is about one thousand dollars more per month than this time last year. There are far fewer available rentals as well. Joshua Clark is a senior economist at Zillow. He says demand is high with people coming back following an exodus earlier in the pandemic.
“Prices shouldn’t be going up this high much longer. There should be some kind of slowdown. Although, the downside is that the summer shopping season is when rents typically go up the highest, maybe relief won’t be here until the fall.”
StreetEasy data shows rent in the other boroughs is up as well but not as much compared to Manhattan.