Watch CBS News

As cost of living skyrockets, New Yorkers becoming more fearful of rising rent

Rent prices sky-high in Manhattan, Brooklyn and parts of Queens
Rent prices sky-high in Manhattan, Brooklyn and parts of Queens 02:07

NEW YORK -- From the price of gas to the cost of groceries, we're all feeling the squeeze. And that goes for rent, too. 

On Thursday, CBS2's Zinnia Maldonado spoke with New Yorkers who echoed the concerns of millions in the city who think rent is too expensive and will soon be unattainable. 

A rise in rent seems to be the norm in New York City. In July, the median rent in Manhattan climbed to $4,150, according to a Douglas Elliman Real Estate report. The city's median rent price hit $4,000 for the first time ever in May. 

With Manhattan's staggering numbers, you may think moving to another borough might bring relief. Think again. 

Brooklyn's median July rent hit $3,400, a 3 percent jump from June. Northwest Queens saw a 4.8 percent increase. The median rent is now $3,146. 

"Who is going to live in Manhattan now, or who's going to afford Long Island City and Greenpoint?" said Tayaba Zahra.

READ MOREReddit post has New Yorkers sharing what makes living in the city so special

Zahra said her boyfriend just received notice from his Long Island City landlord that rent will be going up 18 percent. The bill for Zahra's rent-stabilized apartment in Harlem is also rising. 

The city recently approved rent increases of 3.25 percent on rent-stabilized properties -- the biggest increase in nearly a decade. 

"His rent went up at least over a thousand bucks," Zahra said. "My rent also went up, but I'm in a rent-stabilized apartment so it wasn't super bad for me. But the market rate there is also very high." 

"The city has become extremely out of touch with the needs of working families who are really struggling," said Margarita Prensa.

With the cost of living steadily rising throughout the entire year, it begs the question: What would it take for New Yorkers to leave?

"I think some people would stay until it's like $10,000 up," said Money Bradley. 

"I think people with children are ready to get out of here. I think it's very sad," Zahra said. 

Singapore is the only other city in the world that ties with New York for the highest surge in rental prices in 2022 -- an 8.5 percent increase. 

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.