Soaring US Rent Prices... Median Monthly Rent for Manhattan Apartments Hits 5.02 Million Won

[Asia Economy Reporter Kim Hyunjung] Amid rapidly rising rental prices in the United States, Bloomberg reported on the 8th (local time) that the median monthly rent for apartments in the Manhattan area surpassed $4,000 (approximately 5.02 million KRW) for the first time.

The report stated that the median rent in Manhattan surged 25% compared to the previous year, marking the highest level recorded in the past 30 years according to appraiser Miller Samuel and brokerage firm Douglas Elliman. The median price refers to the price located at the exact middle when apartment sale prices are lined up in order.

U.S. rental prices have sharply increased over the past four months along with the COVID-19 recovery phase. In the rental market, August is considered the peak season as college graduates start jobs and the new semester begins, during which rental prices typically reach their highest levels.

Jonathan Miller, CEO of Miller Samuel, said, "Historically, new lease agreements always peak in August, so there is potential for further increases beyond the current level," adding, "Tenants will experience more hardship this summer."

Manhattan's vacancy rate, which was slightly above 2% before the pandemic, dropped to the 1% range last month. As recently as early 2021, the vacancy rate was as high as 12%.

With housing supply becoming scarce, tenants now have to act more quickly. The average time rental properties remain on the market is 52 days, significantly shorter than last month (68 days) and a year ago (107 days).

This content was produced with the assistance of AI translation services.