The average rent in Manhattan is $5,588, a 9.3% increase over last year.
In Manhattan, the median monthly rent in July was $4,400, a 6% increase compared to one year ago, according to the report. That’s a record high for the fourth time in five months since the monthly tracking started in 2008. The average rent in the borough is $5,588, a 9.3% increase over last year. In Manhattan, the average studio rent is $3,278, and the average 1-bedroom is $4,443.
Over in Brooklyn, the average monthly rent also hit a new high: $4,347, marking an 11.9% jump compared to one year ago. Rents were up across all apartment sizes, from studios, to one, two and three-bedroom apartments.All boroughs saw a slowdown of new leases, despite being in the peak of leasing season, which the report said was likely due to the record-high rents.
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