NYC Shatters Rent Records As Apartment Prices Soar Past $5K: Study

NEW YORK CITY — Rents in New York City reached unprecedented heights of too damn high last month, according to a new study.

A Douglas Elliman analysis released this week found the average Manhattan rent in July stood at $5,113, a whopping 27.5 percent jump from last year.

But perhaps the notable records came in net effective rents — a measure of what tenants pay minus landlord concessions that typically are substantially lower than the price on paper.

In July, they were effectively identical to face rents, according to the study.

"Net effective average rent exceeded $5,000, and net effective median rent exceeded $4,000 respectively for the first time," the study states.

The record-high, nation-leading rents come as many New York City renters' leases are nearing their end.

Advocates are worried that the astronomical rents could not only put tenants in an ever-tighter financial pinch, but also spark a wave of mass evictions.

Attorneys with The Legal Aid Society seized on the Douglas Elliman analysis and argued it showed the need for a "Good Cause Eviction" law that prohibits landlords from evicting tenants except in cases of lease violations.

"Tenants across the economic spectrum in unregulated units are now experiencing first-hand what happens when landlords have carte balance over lease adjustments: rents double, and people lose their homes,” said Adriene Holder, the attorney-in-charge of civil practice The Legal Aid Society, in a statement. “This is not a reality we have to accept, and pending legislation in Albany, ‘Good Cause’, would finally provide tenants with basic tools to defend against extortionate rent increases and unwarranted evictions. "

The Douglas Elliman study found the median, or typical, rent in Manhattan hit a new record high for the sixth straight month at $4,150, a 29.4 percent jump in the past year.

Brooklyn's average rent — $3,883 — is comparatively lower, but still sky-high for the borough, according to the study. Indeed, it's almost as much as Manhattan's average rent in July 2021: $4,009.

And its net effective rent average jumped 19.3 percent from last year to $3,848, the study states. That's the fourth straight month it set a new record, according to the study.

"The net effective median rent, face rent minus landlord concessions, surged 20.8% yearly to $3,370, reaching a new high for the third consecutive month," the study states. "Median rent jumped 18.3% annually to $3,400 for the second straight monthly record."

Read the full Douglas Elliman report here.