Rents in Manhattan reached another record high in July, nearing $6,000 a month. At the same time, rent prices in other parts of the country are cooling.
Macro Trends Advisors founding partner Mitch Roschelle joined ‘Varney & Co.’ to discuss June’s new home sales data and its expected impact on the U.S. economy.
In July, the average rent price rose 9.3% year over year to $5,588, according to data from brokerage firm Douglas Elliman and appraisal and consultant firm Miller Samuel. Average rent also jumped 2.2% from June when it sat at $5,470. On top of that, Miller warned that it's likely August will be another record-setting month in the Big Apple.The average rental price for a studio apartment in July reached $3,278, up 1.3% since June and 2.7% from a year ago, according to the data. 3.9% from a year ago to $4,443. The average rent for a two-bedroom apartment in July rose 4.7% to $6,084, and up 12.2% to $10,673 for a three-bedroom, according to the data.
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