New York City rents hit an all-time high in June, reaching $3,500 a month as prices skyrocket from pandemic lows. Rents are up in many cities across the U.S., but New York City’s recent rise is outpacing other major cities like Los Angeles and Chicago, forcing some tenants out of apartments that were cheaper at the beginning of the Covid-19 pandemic.
The median asking rent in all boroughs other than Staten Island hit records in June, according to data from StreetEasy. Manhattan’s rose to $4,100 a month.
