The pandemic-era rental market in Manhattan gave people the chance of a lifetime to move into the apartment of their dreams. Ten months is all they got.
Landlords are jacking up rents — often by 50, 60 or 70% — on tenants who locked in deals last year when prices were in freefall. Some renters are being forced to move at a time when the market is roaring back to nearly pre-pandemic levels. And concessions are slipping away.
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Andy Kalmowitz didn’t think twice in November before signing a 10-month lease on a two-bedroom, two-bathroom apartment in the desirable East Village neighborhood for $2,100 a month. When it was time to renew, his landlord asked for $3,500, a 67% increase.
“When I asked why, they said, ‘It’s a different world,’” said Kalmowitz, 24, who works in TV and had moved from New Jersey.
Across New York, landlords last year were forced to cut rents and offer freebies when the Covid-19 pandemic all but shut down the city, scattering residents who were looking for additional space or more-affordable housing.
Now the market has rebounded, and people appear to be flooding back: Large employers are demanding people return to the office, universities are ramping up in-person teaching and New York City’s public-school system — the largest in the country — has reopened without a remote-learning option.
“More are moving back from out of town, after being away quarantining for the past 18 months,” said Bill Kowalczuk, a broker at Warburg Realty. “There are more inquiries, more apartments renting within a week or less of the list date, and more prices going over the asking price than I have ever seen.”
The median asking rent in Manhattan rose to $3,000 in July, the highest it’s been since July 2020 and up from the pandemic low of $2,750 in January 2021, according to StreetEasy.
19 comments:
Didn't the 'tax the rich' written on AOC's designer dress help these sheeple ?
How many American citizens that are homeless could that dress have made whole?
You can’t be that naive to think rents were going to stay low in those high rent neighborhoods. These landlords know what they’re doing and are chomping at the bit to get back market rates.
Isn't the free market economy wonderful.
And still landlords are complaining, whining, and crying poverty.
@"Didn't the 'tax the rich' written on AOC's designer dress help these sheeple ?"
Another Incel infatuated with AOC. Sad!
With Dims in power, probably pretty good. No need to work or pay rent anymore. It's all freeeeeee...
Come to Florida, paradise over here.
NYC is dying a slow agonizing death. Prove me wrong...
I'm getting out.
Texas probably.
Cranky New Yorker said...
Never ceases to amazing me that the people in New York continue to complain about the democRATS yet they continue to vote them in. SO SAD...
More people will just continue to flee the state until it's ultra rich and homeless no middle class will be left.
They should have seen this coming. The landlords haven't been able to collect rent for months so of course they were going to jack it up now. I always told my friends "you can't retire while renting" because stuff like this always happens.
@"I'm getting out.
Texas probably."
Good news travels fast.
@"NYC is dying a slow agonizing death. Prove me wrong..."
New York is a helluva lot better than it was 20 years ago. Prove me wrong...
What kind of nudnik signs a lease for 10 months? A year has 12 months, that lease doesn’t sound valid.
Cry me a River for the landlords, slumlords & bogus LLC’s. They are all getting not only the emergency eviction money but other money for tenants who moved or were forced out, for tenants who died of a COVID. The landlords will be fine with all that crying. It’s the tenants I’m worried about
What a joke to weep for a landlord, they’re jumping with joy that the tenants are gone. They can double & triple thevrent
What you don't hear about in the media are the landlords that are being more reasonable with rent increases such as only doing rent increases of $100 or $200. When landlords are reasonable like that, many tenants choose to stay which has also caused there to be less inventory on the market this fall compared to past fall seasons before covid.
@“ Anonymous said...
Come to Florida, paradise over here.”
Thanks. I hear it’s great if you’re in the hospital or undertaker business right now.
@New York is a helluva lot better than it was 20 years ago. Prove me wrong...
Nah, sober up first.
@Another Incel infatuated with AOC. Sad!
Speaking for yourself?
She looks a bit beyond her freshness date, plus she is really dumb.
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