If you want to rent an apartment in New York, you must now earn at least $160 a year

Earning less than six figures? It is unlikely that you will be able to rent even the most modest apartment in New York. According to the latest market report, the average rental price in Manhattan has skyrocketed to $3925 per month. This is a staggering 31,9% jump since April 2021. New York Post.

In order to apply to rent an apartment, a tenant needs to earn $157 a year under the 000x rent rule that landlords typically require.

This is a new record high for rents in the city, which have declined in the midst of the pandemic. Huge demand for apartments in the city as New Yorkers return to work and new unemployed move to New York has even led to a bidding war for studio apartments.

Meanwhile, according to the census, the median income for people in New York was just $67 as recently as $046. And to qualify for rent in Manhattan, you need to earn almost three times what the average New Yorker earns.

“Rent has never been this high,” said Jonathan Miller, president and CEO of Miller Samuel Inc. “As we continue to see record rents being set, this means that the wage cap will continue to rise.”

On the subject: Tenants in the Bronx will soon be able to buy the apartments they live in for $ 2500 apiece: how is this possible

The data shows that the average rent for a studio in Manhattan was $2850 per month (up 28,4% from last year). This means eligible tenants must earn $114 to pass the 000 rule. One-bedroom apartments have jumped to $40 a month. A year ago, their rent was $3.

In Brooklyn, median rent reached $3048, up from $2730 year-on-year. A studio in the largest area of ​​the city will now cost you $2. This means that you will need to raise a minimum of $674 to move to Brooklyn.

The coastal neighborhoods of Queens are even more expensive. The median rent in northwest Queens has risen to $3126 a month. A studio in an area like Long Island City will now set you back $2929, up 51% from 2021.

And don't expect rental prices to drop any time soon.

Rents are expected to rise even more this summer as recent graduates move into town for new jobs. To make matters worse, the number of new apartments is expected to decline, with few new properties entering the market.

The city market is no better. According to a survey published Zillow this month, half of homebuyers report that the process has brought them to tears.

Young people shed more tears: 65% of Gen Z buyers and 61% of millennial buyers admitted that buying a home made them cry. Only 10% of recent buyers surveyed by Zillow said no part of the process was stressful.

While those who arrived without a financial airbag complain about the hard times, New Yorkers are not surprised by sky-high prices. After all, many of them share an apartment with a bunch of people for years to pay rent.