Manhattan Rent Average Hits $5K For The First Time: Study

NEW YORK CITY — New York City's temperatures aren't the only thing that's too damn high this summer.

Rent hit yet again record highs across New York City in June, but nowhere as astronomically as Manhattan, where the average cost of a rental surpassed $5,000 for the first time, according to a recent study by Douglas Elliman.

And New Yorkers hoping that prices would be better in Brooklyn or Queens likely would be disappointed, unless they think typical rents of $3,266 and $2,973, respectively, are cheap, according to the study.

Considering the study found rent in all three boroughs surpassed or neared record highs, it had a somewhat bland summary.

"Higher prices and falling concessions from landlords continued," it stated.

The study wasn't an anomaly.

Indeed, real estate studies showing soaring rent across New York City have become something of a monthly ritual in the past year as prices rebounded from rock-bottom levels during the COVID-19 pandemic.

Patch took a look at the most recent batch and came to this evergreen conclusion: the rent is too damn high.

A recent Zumper study found rents across New York City in June were 40.1 percent higher than the same point last year.

The increase was the fastest growing typical rent across 13 cities in the area, according to the study.

"New York City was the most expensive market with one-bedrooms priced at $3,600," the study stated.

By comparison, the lowest one-bedroom price in the area was $1,350 in Newark, according to the study.

Another study by Rent.com measured rent slightly different — by average instead of median, which tends to skew prices upward.

Still, it tracked with other studies finding that New York City is the most expensive rental city in the nation. And what's the average cost of a one-bedroom across the entire city? A whopping $5,812, according to the study.