NEW YORK CITY – Rents in New York are also breaking records, according to a new study.
A comparison of August 2021 and 2022 found Manhattan’s average monthly rent jumped 28% to $5,246 and Brooklyn’s average jumped 24% to $3,976, according to recent research by Douglas Elliman.
Skyrocketing rents also emerged in northwest Queens, where rents rose 14% from an average of $2,960 in August 2021 to $3,368 in August 2022, according to the study.
One word appears 19 times in the report: luxury.
In Manhattan, the median net effective luxury rent rose 34% to a record high of $11,415, about 46% higher than before the pandemic.
In Brooklyn, the luxury median rent jumped 20% to a record $7,372, 18% higher than pre-pandemic levels.
And, in Queens, the luxury rental market accounted for the top ten percent of new leases with rents starting at $5,200 during the month.
The analysis comes as New York City faces its largest stabilized rent hike in nearly a decade.
The Rent Guidelines Board voted in June to raise rents by 3.25% on one-year leases and 5% on two-year leases.
The increases will be effective for new leases as of October 1.
Douglas Elliman’s findings prompted the Legal Aid Society to issue a statement appealing to Governor Kathy Hochul for help.
“Tenants across New York City in unregulated units are now faced with what happens when landlords have complete control over lease adjustments,” said Chief Legal Aid Attorney, Adriane Holder.
“Rents are doubling and people are losing their homes.”
The public defender group argued that now is the time to enact “good cause” legislation to protect tenants of unregulated apartments from unjustified evictions.
“Albany may be on vacation until next year, but Governor Hochul could use his powers to call a special session for lawmakers to move this necessary measure forward,” Holder said.
“Anything less than immediate action would amount to a dereliction of duty by our local elected officials.”