Report: Manhattan rent was nearly $5,200 in February
NEW YORK -- Renters in New York City are feeling the squeeze.
Prices in Manhattan are up again this month to an average of nearly $5,200.
CBS2 explored what's driving prices and got advice for renters.
Behailu Tekletsadik moved into a Chinatown apartment a few days ago, after two months of searching Manhattan for the right spot.
"It was very long, very convoluted, very painful. There were some spots I really liked, but they got scooped up the same day that I saw the apartment," Tekletsadik said.
He wound up subleasing and is now rooming with friends of a friend, relieved to finally step away from the rental market.
"For a one-bedroom, I was seeing anywhere from $3,000 to $5,000," Tekletsadik said.
READ MORE: Manhattan rents nearing record highs
A new report from the Douglas Elliman Real Estate shows the average rent in Manhattan was nearly $5,200 last month, up about 1% from January and nearly 6% from February 2022.
Manhattan's median rent of just over $4,000 is the highest on record for a February, and that's with landlord concessions.
"I would call it a perfect storm," Douglas Elliman broker Keyan Sanai said.
Sanai says if your landlord isn't raising your rent too much, you may want to stay put.
"Between the interest rates, inflation, the owners passing off these costs to their tenants, I don't think were gonna see a break in rent any time soon," Sanai said.
Brooklyn and northwest Queens also had their highest median rent on record for a February, with Brooklyn facing a 17% increase compared to February of last year.
"We have a real crisis," Manhattan Borough President Mark Levine said.
Back in Manhattan, Levine said on The Point with Marcia Kramer that he's found 171 sites where more housing can be built, including affordable housing.
"Middle class families, teachers, families, bus drivers can't afford housing New York. We need more. We have to build more," Levine said.
As the city searches for solutions, the new Douglas Elliman report shows landlords are offering fewer concessions, making apartment hunting, "definitely very hectic," Tekletsadik said.
And all the more stressful.
