The era of widespread Covid concessions for apartment hunters is all but over!
The pandemic-era rental market in Manhattan elsewhere changing drastically, while landlords are doubling up the rents, often by 60 or 70%
Who signed a lease on his two-bedroom East Village apartment in November for $1,700. His upcoming renewal price was $2,900 , a 70% increase.
*Zillow rental apt
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,
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.
Greenwood Management rentals
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 according to StreetEasy.
Data shows median asking rent including incentives,
among all rental listings available on StreetEasy at any point during the month/year.
“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
Streeteasy Apt rentals
According to StreetEasy,
the median asking rent in Manhattan rose to $3,000 the highest it’s been since July 2020