Other New York City communities, such as Brooklyn and North Queens, have average rent prices of over $3,000 per month.
However, Manhattan’s average is a nearly 30% increase from where it stood in 2021. With inflation still spiraling out of control, there’s no sign of rent prices dropping anytime soon.
Another problem facing the Empire State
As New York City’s rent prices increase, so does the potential for this to backfire. That’s because New York just so happens to be one of the top states that Americans have moved out of since 2020.
Between unaffordable living costs and tight COVID restrictions, many residents with the ability to leave determined it was time to jump ship.
The reality is that many people cannot afford to spend $3,000 to $5,000 per month (minus utilities) on rent. With the Federal Reserve repeatedly increasing interest rates, the money just isn’t there for many Americans.
If rent costs continue on their current trajectory, the likelihood of more New Yorkers leaving the state only grows.
