On average, an apartment on Manhattan Island in New York has remained vacant for just 39 days, according to the latest figures released by real estate broker Douglas Elliman and the firm Miller Samuel. That might seem like a lot, but it’s actually very little, especially in view of rental prices that have exploded over the same period.
A year ago, it took nearly double: 61 days of waiting on the market for a rental… at a much lower price than today. Figures from the two firms’ report showed prices rose 12.7% year-on-year, to a median price of $4,175. Understand by this that 50% of the rental offer on the island of Manhattan is below this price, and 50% above.
Looking at the average, now the price of a rental in central New York in March 2023 is $5,115, up from $3,700 a year ago. This is equivalent to paying 4,625 euros per month on average to be able to live in Manhattan as a tenant. In Paris, the situation is different: despite inflation, rental prices have fallen by 5% compared to March 2022, to settle at an average rent of 1,102 euros (figures from Capital magazine).
How to explain the rise in prices in New York? The 12.8% increase is obviously due to demand. Manhattan remains very attractive, especially as the summer season approaches, and “landlords find that by increasing rents, they continue to find interested parties”commented Jonathan Miller, president of Miller Samuel, in an interview with Bloomberg.
© Elliman Report
Rents in New York for a studio or apartment (March 2023)
In March, turnover in New York real estate in Manhattan was particularly high. The number of new leases on the market increased by 20.5% to reach 4,863. Although housing in Brooklyn remains more attractive (median rent of $3,493), the aura of the island of Manhattan continues and the new organization of work outside the offices does not seem to change anything.
So how much do you have to earn to be able to hope to live here, in the middle of the skyscrapers? In detail, the median price for renting a studio is $3,190, $4,150 for a one-bedroom apartment and $5,680 for a two-bedroom apartment. To be able to afford three bedrooms, it is then necessary to count 7,000 dollars.
To this are added many other expenses of course, while the cost of living is 70% higher than in France. With public transport alone, the price of a subscription today amounts to 118 euros per month. Everything is relative of course, and it must be taken into account that the average salary in New York in 2023 amounts to 5,529 euros per month, but there is a very high amplitude between the lowest and highest salaries.
