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To live in Manhattan, you have to pay a record rent of 5000 euros per month

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It’s a new record. The average rent in Manhattan, a famous district of New York, jumped 30% compared to 2019, and 9% compared to last year, now reaching 5,588 dollars per month, or just over 5,000 euros. This is the fourth time in 5 months that rents have broken a record. The median rent is 4400 dollars per month (about 3900 euros).

This increase in rents does not spare any property, studio as two, three or four rooms. The largest and most expensive apartments, however, have seen the biggest price increase since the pandemic. While studio rental prices have increased by 19%, the average rental price of a 4-room apartment has increased by more than 36%, according to CNBC, the American television network, which is based on the report of the evaluation and research company Miller Samuel. The surge in rents exceeds economists’ forecasts, the population having decreased between June 2020 and June 2022 (-400,000 people) and offices remaining half empty due to teleworking.

The rise in rates in question

How can this rise in rents be explained? The shortage of homes for sale, due to the rise in interest rates, in particular forced potential buyers to remain tenants. The number of rental units is dwindling. In addition, the renovation of apartments in poor condition would not be profitable according to landlords interviewed by CNBC, of ​​the laws in force limiting the increase in rents.

Finally, young workers have arrived en masse since the end of the health crisis, increasing demand and decreasing supply. August typically sees a peak, with families looking to move before the start of the school year. «It looks like rents are probably close to the tipping pointHowever, assures Jonathan Miller, CEO of Miller Samuel.


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