The average monthly rental price in Manhattan, New York, broke records in July, rising 9% over last year. Currently, the average lease cost is $5,588, according to a report by Miller Samuel and Douglas Elliman:
The median rental price rose 9.3% year-over-year to a new record high of $5,588.
Rental-07_2023 by Verónica Silveri
The study revealed that the average rental price per square foot also reached a new high of $84.74, up 4.3% from last year. For new homes or facilities, the average cost per square foot "remained above the $100 threshold for the third consecutive month."
More than $10,000 for a three-bedroom home
The new average rental price in the city varies according to the size of the home. For a studio apartment, the average cost is $3,278 per month. The cost increases to $4,443 for a one-bedroom home; $6,084 for a two-bedroom and $10,673 for a three-bedroom.
New rental contract signings were down 6%, reflecting fewer people renting homes for the first time. Contract renewals were excluded in this category.
One of the most expensive cities to live in
At the end of 2022, a survey by The Economist revealed that New York is one of the most expensive cities in the world to live in. The city shared the top spot on the list with Singapore. This report ranked the most expensive cities to live in based on average rental prices, among other factors:
New York tops the rankings for the first time, tying with frequent leader Singapore, which returns to the top spot for the eighth time in ten years.
