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Thursday, June 7, 2012

Can You Believe the Cost to Rent a Manhattan Apartment?ApartmentBuilding1

Manhattanites are paying average yearly apartment rent of over $41,000, based on average rentals for May reported by Crain's New York Business, citing brokerage firm Citi Habitat data.

That makes current mortgage payments--before property taxes--on a single family home in the suburbs seem almost insubstantial.

Here's how the yearly apartment rent breaks down by number of bedrooms:

"For studios, as well as for two- and threApartmentBuilding2e-bedroom units, rents in May rose 4% to $2,065, $3,920, and $5,246, respectively," says the article. That translates into annual rents of $24,780, $47,040, and $62,952.

"Rent for one bedrooms gained even more, 5%, to hit $2,810," notes the article.  That's the equivalent of $33,720. 

The average annual rent, based on the average monthly amount for May reported in the article, totals $41,256.

And Manhattan apartment dwellers don't get to deduct part of their monthly housing payment from their income taxes.  Wow!

-- Jeff Bogart

9:49 pm edt          Comments

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