Renting an apartment in New York City this summer? Say hello to sky-high prices and a fight to the finish.
Consequently, the median monthly rent is up $725 in June on the year and $59 on the previous month, according to Zillow. The median monthly rent in NYC is $3,300, 53% higher than the national median of $2,155. That said, the rental market in New York is reflecting a broader intensification of the inventory pressures, which is leading to bidding wars among renters across the country.
“We priced it in my opinion… quite high,” Gartenberg said, at $7,800, “but we ended up taking even more. The person who ended up taking the apartment offered $400 more… we had an offer of $8,200, and they also offered to pay the broker fee, which is an additional month.” Buying a home was worth considering, the real-estate agents said, given how intense the rental market has become.
If you're not making more than $725 a month above what you were making a DECADE ago then just go live with your Mom in her basement. NY.. or any other rental market on the planet is too expensive for you.
Why would one move into a huge city like Manhattan when more and more remote jobs and secondary job markets are opening up? It's not like America is short on land.