The rent is still too high in New York City, even for the rich #realestate #shorts

Rental Market Dynamics in New York City - Higher interest rates have prevented potential first-time condo or apartment buyers from entering the market, keeping them in the rental market [1] - This increased demand from higher earners contributes to higher rents [1] - Approximately 66% of New York City's population is renting, maintaining pressure on the rental market [2] - The number of millionaire renters in New York City has increased since 2019 [2] Comparative Analysis of Rental Markets - Unlike other boom towns and regions like Austin, Florida, the Midwest, and the Sun Belt, New York City's rental prices have continued to grow [4] - San Francisco's housing costs have dropped and haven't recovered as much as New York City's [4] - Manhattan rent prices have continued to hit record highs, reaching $4,700 per month during the summer [4]