Mayor plans price cap Rent craze in Manhattan breaks the sound barrier
During the election campaign, New York Mayor Zohran Mamdani campaigned for a rent cap. There is still no sign of this in Manhattan. On the contrary: the monthly median rent broke through the sound barrier for the first time.
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- Living in the New York borough of Manhattan is getting more and more expensive: for the first time, the monthly median rent has exceeded 5,000 dollars.
- Living in the global metropolis has never been more expensive.
- To get a grip on real estate prices, Mayor Zohran Mamdani wants to introduce a rent cap.
The rent for a rental apartment in the New York borough of Manhattan rose to more than 5000 dollars (3925 francs) per month for the first time in April. Compared to the previous year, this is an increase of six percent, explained the real estate company Corcoran on Monday. It calculates the median value: half of the prices for rental apartments are below this, half are above.
The reason for the sharp rise in the median price is the high demand coupled with low supply. According to Corcoran, it was exactly 5099 dollars in April. Accordingly, prices for rental apartments of all sizes climbed.
In the New York borough of Brooklyn, however, the median price has fallen slightly in recent months - from 4296 dollars per month in February to 4110 dollars in April. The reason for this was a greater supply, explained Corcoran.
Mayor Mamdani aims for rent cap
During last year's election campaign, New York's new mayor Zohran Mamdani campaigned primarily on making life more affordable again for New York residents - among other things by introducing a rent cap. This is to be introduced in the coming months.
Around 8.5 million people live in New York. Around 30 percent of them own the apartment they live in.
