When will relief come for high NYC apartment prices?
Bad news for renters in New York City -- while demand for new apartments seems to be going down, prices are still way up.
NEW YORK - New York City's eye-watering rental prices are continuing to rise to near-record highs.
According to a new report from Douglas Elliman and Miller Samuel, the median rent in Manhattan is currently an eye-watering $4,097, an increase of 15.4% from January 2022, and the average rent is a shocking $5,142.
According to the report, the median rent is now the third-highest on record and 14% higher than pre-pandemic rentals.
RELATED: When will relief come for high NYC apartment prices?
And it's not getting any cheaper in the boroughs either. The average rental price in Brooklyn is now $4,165, a shocking 31.7% increase over last year. Even something as simple as a studio apartment will set you back an average of $2,971 a month, according to the report.
Northwest Queens also saw a double-digit percent increase in average and median rent prices, with the average rental price now standing at $3,577 and the median rental price at $3,369.
Cost of living issues has become a major issue for New Yorkers, as rent increases take a bigger and bigger bite out of people's paychecks.
According to a recent report, 68.5% of New Yorkers are paying more than 30% of their monthly income in rent, by far the highest amount in the nation.
RELATED: America is more rent-burdened than ever: These cities take the biggest chunk of your budget
Another survey from the United Way alleges that minimum wage workers in New York City would need to spend a jaw-dropping 111 hours on the job each week just to afford a one-bedroom apartment.
RELATED: NYC workers must put in over 100 hours a week to afford an apartment: Report
Affordability is one of several factors that appear to be driving homebuyers out of the Big Apple, with a study by Redfin.com showing that 27% of the city's prospective homebuyers are looking to live elsewhere.
