StreetEasy’s latest rent report shows the cost of living in the City continues to rise.
However, rent prices have not risen as rapidly as in previous years.
According to the real estate report, rents in New York increased by 9% this year compared to 2022.
This is a smaller jump against the 30 percent that occurred between 2021 and 2022.
The highest median rents are in the TriBeca sector, where renters shell out an average of more than $8,000 per month.
The report indicates that rental value growth will continue to slow, with more units becoming available for buyers.
The firm’s economist Kenny Lee pointed out that rents in Manhattan are currently expensive, close to $4,200 per month.
But he added that the availability of housing this year has been truly remarkable, and if this continues, New Yorkers will have more options to live near their workplaces next year.
