According to a report by Douglas Elliman, a one-bedroom reached a record average of $5,058 in June, and it went up even more in July to $5,113. That's $1,000 more than a year ago.
"I've never seen these prices, and also the desperation for people to really find somewhere to live," Douglas Elliman agent Melinda Sicari said.
She says she expected once pandemic discounts were over, tenants wouldn't be able to afford rent and would move, but many, despite massive increases, stayed.
This came as workers returned to the city, and for the last eight months, the vacancy rate dropped under 2 percent.
Add to the mix, the lack of new builds.
"Nothing has been built for the last three years because of the, you know, pandemic, but the cost of construction right now has doubled because of supply chain issues," real estate developer Sam Liebman said.
Liebman predicts prices could keep rising.