April 13, 2023 | 3:34 p.m
Manhattan median rental prices have reached all-time highs as interest rates remain high.
The median rental price in Manhattan topped out at $4,150 for the first time in Big Apple history, according to a March market report compiled by brokerage Douglas Elliman and appraisers Miller Samuel.
Specifically, the study noted a median rental price of $4,175 per month, which would only cost city renters $50,100 per year.
This means the average New Yorker would have to earn a salary of at least $160,000 per year to get by.
Meanwhile, the average rental price reached a higher $5,115 per month.
(The median rent, better known as a more reliable way of tracking prices, is the mid-point value of the total price samples. The average is the sum of all rents divided by the number of samples.)
For a studio in Manhattan, renters can expect to pay a median rental price of $3,190 per month. And for a one bedroom, the median rental goes up to $4,150 per month.
“New York City is entering its prime leasing season, so it’s reasonable to expect further upward price pressure ahead of the seasonal market upturn in August,” said Jonathan Miller of Miller Samuel, who authored the report. , in The Post.
Brooklyn has slightly better prices, with a median rental price of $3,493 per month. And the median in key Northwest Queens equals $3,300 per month.
The report does not include The Bronx or Staten Island in its tallies.
But the high price also accounts for the low demand for mortgages amid persistently high interest rates – which currently stand at 6.94% for a 30-year fixed rate.
As of last summer, several factors have contributed to the massive rental market, including a lack of inventory, rising mortgage rates, peak season and the Housing Stability Tenant Protection Act initiated in 2019 — which puts of new protections against tenant eviction.
This report comes as it is revealed that more than 10,000 New Yorkers have fled the state for Florida so far in 2023, extending the ongoing exodus from the Sunshine State.
Additionally, a recent poll found that nearly a third of New Yorkers want to leave because of housing costs and other factors, such as crime and poor schools.