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The Rental Market In This City Is Seeing A Big Boom!

By:  Tupaki Desk   |   9 Jun 2023 3:49 PM GMT
The Rental Market In This City Is Seeing A Big Boom!
New York City has been in the news for the wrong reasons for the past few days as the city is experiencing thick fog caused by the wildfire in Canada. The air quality in the city is so problematic that the NYC Department of Transportation urged people to not park vehicles close to each other.

Now the world is talking about the city as it is regarded as one of the most costly cities in terms of renting places. For the third consecutive month, the densely populated borough of Manhattan. It costs around Rs 4 lakh to get an apartment on rent per month.

As per the information, the average amount that was spent to get an apartment on rent cost as much as $5,379 in the Manhattan area in May. On the other hand, the median cost of apartment rent is $4,395. Drawing a comparison with the previous month of April, the amount went up by around 4 percent.

It is known that the world saw tense situations with the Covid outbreak for around two years. The real estate sector and renting sector faced a rough patch. Things started becoming normal for the past few months and we can see this in the rent cost of apartments in Manhattan.

Compared to May 2022, the average rent increased for posh buildings and median buildings as well. This is an example that the renting sector is getting stronger and every month the average amount is increasing.

Well, the market experts say that the rental market picking up is a good thing, but tenants wanting to live in New York will have to see stars in daylight to get apartments for rent. We can understand the boom the city is enjoying in the rental market as the median amount of apartment rent is also over 4,000 dollars. The prices are expected to get even bigger in the coming months if the same trend continues.

America is known for its high cost of living. People moving to America from India and other nations do different jobs to make ends meet. In the case of New York, one has to do multiple jobs to get a house on rent in Manhattan. However, people can live in adjacent boroughs as costs are less there.