“We’re going back to a time when trade-offs have to be made,” Wu says. The StreetEasy economist Nancy Wu predicts that when these apartments return to their gross rent this quarter, many renters who can no longer afford them will be forced to move. In December, that figure was 16%, similar to the few months predating the onset of the pandemic. In the first quarter of 2021, nearly 34% of apartments – the highest share in the city’s record – came with one or more months of free rent. The concessions that have characterized the pandemic-era rental market are also beginning to disappear. Both then and now, what Miller calls the creative class pushed the city into recovery mode, sensing opportunity among the lower rents “until development catches up and prices them out”. “In the initial years following the global financial crisis, New York City saw lower rents and greater affordability,” says Jonathan Miller, founder of the real estate appraisal firm Miller Samuel Inc. The whiplash of the pandemic-era rental market has precedent. Photograph: deberarr/Getty Images/iStockphoto Manhattan median rent prices reached a record high in December 2021. In both boroughs, the availability of rentals on the market fell at record rates for the month. The same report showed a similar pattern in Brooklyn. In December 2021, Manhattan’s median rent, with incentives factored in, reached a new record for the month at $3,392, reports the real estate company Douglas Elliman. If the early stages of the pandemic favored the renter – with bountiful apartments and incentives such as free months or waived amenity fees – that period has run its course as people continue to make their way back to the city (and even the Omicron variant hasn’t slowed the New York rental market).īetween December 2020 and December 2021, the city’s median asking rent made its largest year-over-year gain since the pandemic began, from $2,500 to $2,800, according to data from StreetEasy. Whiplash in the rental marketįlaherty’s story speaks to how confounding it is to be a renter in New York, particularly over the past few months as rents continue to climb and the number of apartments up for grabs shrinks. She was enormously relieved, come the end of summer, when the lease officially became hers – even as she now pays more than what she budgeted for. She was on edge for the entire summer, not wanting to assume she could eventually take over the place for good. ![]() ![]() Through a stroke of luck, Flaherty ended up assuming the lease of her friends’ apartment. “I was just dumbstruck,” Flaherty says, detailing apartments in her $3,000 per month price range with windowless, makeshift bedrooms and kitchens with little usable space. Flaherty estimates she saw 25 rentals in a one-month span this summer while staying with friends in the neighborhood.
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