* As the numbers here show, the high end of Manhattan rentals is very, very high. ~10%[0] of listed rentals at the moment are >$10k/mo. >$100k rentals are not unheard of. Looks like the highest market rental right now is asking $175k/mo.
* ~50%[1] of Manhattan's rental stock is rent stabilized, meaning the rent adjustment rates are set by the city. These units rent for considerably less than market-rate rentals.
* For a variety of reasons, rent-stabilized units often stay in the informal housing market (i.e. not on real estate listing services), which AFAIK these reports do not measure.
* There are a variety of cultural factors here that are a bit unusual for the US, including:
- It's fairly normal here for people with 'good' jobs to have roommates into their 30s+
- The informal housing market here is massive (e.g. I've lived here for 10+ years and have very few friends who've ended up in market-rate rentals)
- Manhattan builds very little new housing (e.g. zero units approved last month)
- It's Manhattan, so there's a LOT of money floating around here.
So yes, Manhattan is getting more expensive, but these market-rate rental reports are not the entire story.
[0] From Streeteasy, a local real estate listing service
these are not 'normal' rentals and imo should be excluded from stats, since they don't apply to typical families living year-to-year in nyc
a majority of those are short-term entire floor/home rentals, often rented out for less than a month at a time, to be used for production companies putting up A-listers for the length of a project, or even used as the set itself: sometimes the listing will say 'used for the filming of y reality show in 20xx!' like a selling point
* As the numbers here show, the high end of Manhattan rentals is very, very high. ~10%[0] of listed rentals at the moment are >$10k/mo. >$100k rentals are not unheard of. Looks like the highest market rental right now is asking $175k/mo.
* ~50%[1] of Manhattan's rental stock is rent stabilized, meaning the rent adjustment rates are set by the city. These units rent for considerably less than market-rate rentals.
* For a variety of reasons, rent-stabilized units often stay in the informal housing market (i.e. not on real estate listing services), which AFAIK these reports do not measure.
* There are a variety of cultural factors here that are a bit unusual for the US, including:
- It's fairly normal here for people with 'good' jobs to have roommates into their 30s+
- The informal housing market here is massive (e.g. I've lived here for 10+ years and have very few friends who've ended up in market-rate rentals)
- Manhattan builds very little new housing (e.g. zero units approved last month)
- It's Manhattan, so there's a LOT of money floating around here.
So yes, Manhattan is getting more expensive, but these market-rate rental reports are not the entire story.
[0] From Streeteasy, a local real estate listing service
[1] https://www.nyc.gov/assets/hpd/downloads/pdfs/services/rent-...