NYC Rents Hit Nearly $4,400 In May, Study Finds
The air quality isn't the only thing breaking records for being terrible this week. A new study by Douglas Elliman, a real estate company, has found that Manhattan's typical rent in May was just shy of $4,400. The borough's rents hit record-highs for the third straight month, with Queens' typical rent of roughly $3,400 being the second-highest recorded for the borough. The study also found that rent was cheaper in Brooklyn at a median of $3k,550, but the borough also hit a record high.
Published : 11 months ago by Matt Troutman in Finance Environment
NEW YORK CITY — Only one thing in New York City lately is worse than its air quality: the rent.
Manhattan's typical rent in May was just shy of $4,400, according to a new study by Douglas Elliman, a real estate company. The borough's rents hit record-highs for the third straight month, according to the study. And there could be more records shattered soon.
"Since the rental season typically peaks at the end of summer, more new highs may be achieved shortly," the study states. Rent was cheaper in Brooklyn at a median of $3,550, but the borough also hit a record high, the study found. It was the second-straight month Brooklyn's rents hit a new high.
And Queens' typical rent of roughly $3,400 in May was the second-highest recorded for the borough, the study found.
Topics: Data, NYC