Rent Prices Continue to Rise By More Than 30 Percent In New York City

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Currents News Staff

If the amount of crime in New York City’s transit system isn’t troubling enough, new reports show rents have risen almost 32 percent from last year.

If you’re looking for a place to rent in Manhattan – the average asking price right now is around $3,900 a month.

That means, if you’re going by the 40 times rent rule that landlords normally require, you’d have to make close to $160,000 a year!

Looking at Brooklyn, prices aren’t as high. The median rent is a little more than $3,000, but that still means you’d have to make more than $100,000.

MANHATTAN RENT- $3,925 A MONTH

INCOME- $157,000 PER YEAR

BROOKLYN RENT- $3,048 A MONTH

INCOME- $106,000 PER YEAR