“Barring a recession,” record-breaking NYC rents will keep rising
By Jeffrey Ditri, New York City Residential Rental Specialist
(JAD Realty Group, LLC.)
Mortgage rate hikes driving would-be buyers into rental market If a hot housing market brought rents to boil, the cool-down should cause apartment prices to fall, right?Wrong.In June, the average Manhattan rent topped $5,000, a historical first, according to a report by appraisal firm Miller Samuel for Douglas Elliman. Meanwhile, the borough’s median rent, which reached a record $4,000 in May, edged up to $4,050 last month.Those gains came as surging mortgage rates caused home sales to dip. And where did many of those home hunters end up?The rental market.Rising rents, which have characterized this year’s market, have become increasingly tied to surging mortgage rates, according to Jonathan Miller, report author and CEO of appraisal firm Miller Samuel.“The spike in mortgage rates has im...