Rents in New York City have surged to a new high. In June, the average rent reached $5,058, up 29% from a year ago and surpassing the $5,000 threshold for the first time.
Carroll founder and CEO Patrick Carroll says the company has raised rents up to 30% to offset rising interest, renovation and labor costs.in Manhattan surpassed $5,000 per month in June for the first time in history, according to new data.
However, its up nearly 30% since June 2021, when the average rent was $3,922, according to the report. An apartment building advertising 'For Rent' stands in the Chelsea neighborhood in Manhattan, January 11, 2018 in New York City.The issue is that mortgage rates, which are "surging after the pivot in the Fed policy this spring," are pushing more consumers out of the homebuying market, Miller Samuel CEO Jonathan Miller told FOX Business. reported Thursday that the 30-year rate rose to 5.51% from 5.30% last week. One year ago the average 30-year rate was 2.88%.
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