Why Rent In NYC Is Out Of Control Right Now

Rents in New York City are at an all-time high. The median asking rent in Manhattan reached $4,100 in June 2022. CNBC Make It spoke to three New Yorkers whose rents increased up to $2,100 a month.

But are New Yorkers willing to pay up? One challenge for renters is the requirement that they earn 40 times the rent when applying for an apartment. With the median asking rent in Manhattan around $4,000, that means the minimum income to qualify for an apartment at that price is $160,000. The median household income in New York City is $67,000.

Correction (Aug. 23rd, 2022): At 01:46 the video misidentified that Thelma Annan is 32 years old. She is 31 years old.

Subscribe to CNBC Make It.: http://cnb.cx/2kxl2rf

About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.

Connect with CNBC Make It. Online
Get the latest updates: https://www.cnbc.com/make-it
Find CNBC Make It. on Facebook: https://cnb.cx/LikeCNBCMakeIt
Find CNBC Make It. on Twitter: https://cnb.cx/FollowCNBCMakeIt
Find CNBC Make It. on Instagram: https://bit.ly/InstagramCNBCMakeIt

#CNBC
#CNBCMakeIt

Why Rent In NYC Is Out Of Control Right Now