NYC Rents Hit All-Time Highs Amid Crisis

New York City’s rental market is facing a historic crisis as rents have surged to unprecedented levels, making it increasingly difficult for residents to find affordable housing. The average rent for a Manhattan apartment has exceeded $5,500, and even outer boroughs like Brooklyn and Queens are experiencing record highs. The spike is driven by a combination of low inventory, high demand, and landlords capitalizing on the post-pandemic economic recovery. As a result, more tenants are being forced out of the city, leading to a growing exodus to suburban and out-of-state locations.