Manhattan renters are now forking out a record-breaking average of $5,588 per month, even though people are still flooding out of New York
In Manhattan, home to Central Park, the Empire State Building, and Wall Street, average rent in July was $5,588 a month, according to newprepared by Miller Samuel for the real-estate company Douglas Elliman. This was a record high, up 2.2% from the previous month and 9.3% from the same time a year ago.
For luxury rentals in Manhattan, defined as the top 10% of rentals, the average monthly price was $15,568, a 14.6% increase year-over-year. And in northwestern Queens, residents paid a record $4,003 on average, up 9.0% from June and 16.8% from last July, the data shows. Even before the pandemic, people were leaving the city for other places in the US. Between 2013 and 2019, on average nearly 17,000 more people moved out of New York County, which encompasses Manhattan, to somewhere else in the US than moved in, per. Net international migration fell over the same time period, though it remained positive.
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