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Rent in New York City is officially out of control.
A realtor posted a video of a 9x6 studio ‘apartment’ in Manhattan that’s listed for $1,200 per month. The realtor says there’s ‘no space for anything besides a bed’ and residents must use a shared bathroom down the hall. Plus, there’s no kitchen or running water in the room.
In 2023, rent in New York City hit an all-time high, with the median cost of $4,400 in Manhattan, which went up 6% from the year prior. The average rent of all apartments in the city was $5,588. These high prices have been driving away renters in recent years.
‘Because of the record-high rents, we’re starting to see a consistent decrease in leasing activity,’ said Jonathan Miller, president and CEO of real estate appraisal company Miller Samuel. ‘The rents are pressing higher to new records, and we are seeing people pull back.’
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