Why Rent In NYC Is Out Of Control Right Now

Rent in New York City is 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 rent increased by up to $2,100 a month. But are New Yorkers willing to pay up? One challenge for renters is that they must earn at least 40 times the rent. With the median asking rent in Manhattan at around $4,000, 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.:  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:  Find CNBC Make It. on Facebook:  Find CNBC Make It. on Twitter:  Find CNBC Make It. on Instagram:  #CNBC #CNBCMakeIt Why Rent In NYC Is Out Of Control Right Now