In Manhattan, an Eye-Popping First on Rent

It's no secret that living in New York City isn't cheap, but the borough of Manhattan just logged an eye-popping first. WABC reports that the average monthly rent there exceeded $5,000 last month, a record-breaking figure that's up almost 30% compared to 2021. Looking for a three-bedroom place? That average rent will run you almost $9,500. This is all according to a report from Miller Samuel and Douglas Elliman, per CNBC, which notes that things don't look to be cooling off on this front anytime soon.

"There are no signs of a slowdown, at least not yet," Miller Samuel CEO Jonathan Miller tells the outlet. And yet the rental market is still booming, with residents flocking to rental open houses and staying away from higher mortgage rates amid fears that the housing bubble may soon burst. "The spike in mortgage rates has immediately tipped people on the margin into the rental market," Miller tells the Real Deal, via Curbed. "And the rental market was already tight before rates began to jump."

And tight means tight—only 6,400 apartments, or less than 2% of all the ones available in Manhattan, have the "vacancy" sign out, a 46% decrease from last year. "At the end of the day, they want to be in New York," a Serhant broker tells CNBC of those who are willing to break the bank for a Manhattan ZIP code. "When a good rental comes on the market, especially downtown, there are lines down the block." (More New York City stories.)