Manhattan's average rent soared to nearly $5,600 in July - a new record - as many are struggling to find apartments they can afford. NatDuddridgeTV reports.
Keyan Sanai, a real estate broker with Douglas Elliman, said it's hard to even find a discount in the outer boroughs these days.
"Rent went up at 9.3% in Manhattan. We saw it go up 14% in Brooklyn because now Brooklyn landlords are saying these people from Manhattan can't afford it, how much can I raise my rent?" said Sanai. Experts said there are several contributing factors, including low occupancy, lack of new development and inflation. Plus, higher interest rates are forcing would-be buyers to rent.
"We're in a standstill because everyone doesn't know where the economy is going," said Andrew Lieb, a housing attorney."As interest rates get lower, there's going to be better borrowing power." "In July last year, we saw more leases signed at a lower number. This year we're seeing less leases signed at a higher number," said Sanai.
Renters might see a bit of relief in the form of apartments offering one month free concessions, Sanai said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The average Manhattan rent just hit a new record of $5,588 a monthRents in Manhattan hit a new high in July, as higher interest rates and low supply continued to drive up prices.
Read more »
Manhattan real estate in 'crisis,' new housing construction flatlinesInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Jay-Z’s 40/40 Club Closes After 20 YearsThe 40/40 Club, the bar and lounge owned by Jay-Z, has closed its original location after two decades. (via EaterNY)
Read more »
White House officials meet with Mayor Eric Adams to collaborate on asylum seeker crisis responseFor months, Mayor Adams has been pleading for President Biden to step up and provide aid to help with the asylum seeker crisis. Thursday, White House officials visited NYC and met with the mayor, promising to collaborate. JennBisramTV reports.
Read more »
China's July new yuan loans seen dipping after record H1 - Reuters pollChina's new yuan loans are expected to fall sharply in July from June after record lending in the first half, a Reuters poll showed, but they could still exceed the year-earlier amount as the central bank seeks to underpin the economy amid a faltering recovery.
Read more »
Nearly 4 months after Lower Manhattan parking garage collapse, some neighbors are still displacedTonight at 11 p.m., TimMcNicholas is looking into the April 18 parking garage collapse in Lower Manhattan and why, more than three months later, some people living nearby still haven't been allowed back in their homes.
Read more »