Average monthly rent in Manhattan tops $5,000 for first time

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The average rental price in Manhattan has topped $5,000 for the first time in Big Apple history, according to a June market report compiled by Douglas Elliman and Miller Samuel.

Specifically, the study tallied an average Manhattan rent of $5,058 per month, which alone would set a city tenant back nearly $61,000 a year. That figure marks a 1.7% month-over-month climb from the $4,975 average rent recorded in May, as well as a 29% year-over-year spike from the $3,922 average found in June 2021.

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This article was originally published by Marketwatch.com. Read the original article here.

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