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Manhattan average rent hits $6,655 per month, up 10% year over year

Corcoran Sunshine research says the rise is accelerating amid a rent-stabilization freeze that could pressure landlords’ renovation financing, according to building owners who cited six-figure upgrade costs.

Reported · Written up by our desk · Residential

Manhattan’s average monthly rent has reached $6,655, according to research cited by Commercial Observer, marking a 10% increase from a year earlier.

Commercial Observer reports the Rent Guidelines Board issued a freeze on one- and two-year leases for rent-stabilized apartments in June, a move aimed at limiting rent growth for tenants.

But the article highlights concerns from landlords about affordability for stabilized units, including testimony that bringing some apartments to livable standards can require about $30,000 per unit, with additional cosmetic work potentially adding another $30,000.

Commercial Observer also notes the industry is watching policy uncertainty around a proposed pied-à-terre tax on apartments worth more than $5 million, which the article says was temporarily blocked and then unblocked last week.

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