How High Will the Rent Go in New York?

Apartment hunting in Manhattan just got even harder — and much more expensive.

According to a June market report by Douglas Elliman and Miller Samuel, average rental prices in New York City have skyrocketed to historic new heights. Particularly in Manhattan, rent is higher than it’s ever been at an average of $5,058 a month, marking a 29% uptick from $3,922 in June of 2021.

The report also tracked data from Brooklyn and Queens, which saw similar climbs from last year’s numbers, with increases in average rent of 20% and 15.1%, respectively.

The astronomical hike in rental costs over the past year comes as a whirl of pressure points intersect: individuals returning to the city from pandemic hideaways, mounting inflation, and an acutely tight housing market that has pushed would-be buyers back into renting.

Related: Is a Housing Market Correction Finally Underway?

So, how long will those grappling with the ruthless market have to wait for prices to go down?

The bad news: New Yorkers are likely in for at least another month of high prices since new leasing activity historically tends to peak from May to September, according to a survey by RentHop.

However, there is good news, too. The high prices can only stay so high for so long. “The best thing for high housing prices is high housing prices,” Jonathan Miller CEO of Miller Samuel told The New York Times back in June. “When the consumer can’t afford to pay, they go somewhere else.”