Tenants are digging deeper than ever into their pockets to pay rent, as the average rent for a Manhattan apartment topped $5,000 in June, according to a new report.
Rents have continued to skyrocket, compared to last June when the average rent was around $3,900.
As high as rents are already, brokers say there isn't going to be any slowdown in rising prices in the near future.
"There are no signs of a slowdown, at least not yet," Jonathan Miller, CEO of Miller Samuel told CNBC.
New York City's bounce-back from the pandemic is a major reason for the rising rents.
"New York is where people want to live," said Suzanne Miller, President of Empire State Properties, a Midtown real estate firm. "I've been doing this for the last 30 years and I've never seen a rental market quite like this."
According to Miller, the tech industry and its younger employees are driving the rental increases.
"New York's becoming a much younger city. We have seen people from Google, Facebook, Amazon, the law firms, their new hires are very high salaries, and the average age I'd say is about 35," Miller said.
A report compiled by two city real estate firms says that the number of available apartments in Manhattan last summer was nearly 12,000, but last month, that number dropped to about 6,400.
The average rent in Brooklyn last month was about $3,800 a month, compared to $3,100 last June. In Queens, it was just over $3,300, compared to $2,900 last June.
The Legal Aid Society has called on the New York State Legislature to convene a special session to pass what is called "Good Cause Eviction" legislation, which would limit the amount landlords can raise rents for good tenants.