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 <p>Despite <a rel="noopener noreferrer nofollow" title="New York" href="https://thebittimes.com/tag/new-york.html">New York</a> City losing residents following the COVID-19 pandemic, Manhattan NYC has seen its rent hit a record average of $5,588 per month. Altogether, the rent in the city is up a remarkable 30% when compared to the average just four years ago. </p> 
 <p>Moreover, the rent increased by 9% over last year and marks a new record for the month of July. Additionally, the median rent has also reached a new record of $4,400 a month. The price per square foot for rent in the borough has also reached $84.74, according to a CNBC report. </p> 
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    <p lang="en" dir="ltr">Average price of rent in Manhattan, NYC rises to $5,588, a new all-time high.</p> 
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    </div> — Watcher.Guru (@WatcherGuru) August 11, 2023 
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 <p><strong>Also Read: A $100,000 Salary in <a rel="noopener noreferrer nofollow" title="New York" href="https://thebittimes.com/tag/new-york.html">New York</a> City is Worth $36,000 After Taxes, Living Expenses</strong></p> 
 <h2 class="wp-block-heading" id="h-manhattan-rent-hits-record-figure-in-july">Manhattan Rent Hits Record Figure in July </h2> 
 <p>The inflation concerns of the United States have been a focus for much of the last year. However, some of the largest cities in the country have experienced notable increases in their living expenses as a result. In NYC, specifically, Manhattan has seen its rent reach a record average of $5,588 per month. </p> 
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 <p>Higher interest rates and low availability have continued to equate to skyrocketing prices for the <a rel="noopener noreferrer nofollow" title="New York" href="https://thebittimes.com/tag/new-york.html">New York</a> borough. Moreover, it has been the fourth time in five months that Manhattan has reached a new rent record. Displaying prices that are abundantly higher than they were in pre-pandemic <a rel="noopener noreferrer nofollow" title="New York" href="https://thebittimes.com/tag/new-york.html">New York</a> City. </p> 
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  <img decoding="async" width="1024" height="512" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="Manhattan rent has officially hit a record average of $5,588 per month, with August likely bringing more of the same to the New York borough" class="wp-image-81509 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp.webp 1280w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 1024w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 300w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 768w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 380w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 550w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 800w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 1160w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 1280w" data-eio="j"> 
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   <img decoding="async" width="1024" height="512" src="https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp" alt="Manhattan rent has officially hit a record average of $5,588 per month, with August likely bringing more of the same to the New York borough" class="wp-image-81509" srcset="https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 1024w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 300w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 768w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 380w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 550w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 800w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 1160w, https://cdn.thebittimes.com/images/2023/08/12/bd9365f0c5f4ff8525e64d74b5d3b956.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: City Journal 
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 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="New York" href="https://thebittimes.com/tag/new-york.html">New York</a> Introduces Bill to Accept Stablecoins as Payment for Bail</strong></p> 
 <p>What makes it all the more interesting is that the rent increase comes amid a loss of residents in the borough. Indeed, Manhattan has seen a loss in population due to the pandemic, with rents still up 30%. Additionally, Jonathan Miller, CEO of Miller Samuel, told CNBC that August could see yet another record-breaking month. </p> 
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    <p lang="en" dir="ltr">The average rent for a Manhattan apartment just hit a new record of $5,588 a month. @robtfrank reports. https://t.co/Q4wRTmHFqk pic.twitter.com/MM6p1gGeu5</p> 
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    </div> — CNBC (@CNBC) August 10, 2023 
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 <p>The increasing rent figures have gone against predictions from analysts. Specifically, the borough saw its residents fall by 400,000 from June 2022 to June 2022, the report notes. Moreover, they assure that population figures, despite growing since last year, are still well below where they were in 2019. </p> 
 <p>Nevertheless, that has not diminished the rent prices, which continue to increase. Many experts assume this is due to a combination of low availability and high-interest rates. However, the report states that apartment inventory for rent increased by 11% last month. Yet signed leases had fallen by 6% since last year. </p> 
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Manhattan NYC Rent Hits Record Average of $5,588 a Month

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