The Current NYC Rental Market
The current New York City residential rental market is experiencing significant competition and increased prices among rentals across the city. While a short dip occurred as Omicron worked its way through the city's population, New York City residential rentals have seen an unprecedented resurgence. Workers who were once working from home are now returning to the city, expecting to be working in offices again and needing to be closer to work. The median price for a one-bedroom apartment rose to $3,945 in October 2021, representing a nearly 13% jump from just one year before. Apartment hunters are renting places sight unseen and are engaging in bidding wars that take the prices well above asking.
What Happens Next?
As apartment hunters are dealing with limited availability, landlords are reaching out to their current renters to see if they are renewing months in advance of the end of their leases. New York is now the most expensive city to live in within the United States after a 29% overall increase in rent since last February. As students return to the city and the seasons change to spring and summer, competition is only expected to increase unless more units become available as current leases expire. If the tenants in these currently leased units renew, then the issue of limited inventory will likely continue. Universities are attempting to accommodate students with remote learning and hybrid models to allow students the ability to afford their education and rent.
Interested in NYC Real Estate?
If you're looking to purchase or lease real estate in New York, it's beneficial to have a real estate attorney's assistance. An attorney can help you assess property value, evaluate potential risks, and help you calculate what kind of return it can make for you. If you are facing eviction, foreclosure, or have other real estate questions, then call us so we can help!
Get Professional Assistance
To schedule a consultation with an experienced attorney at The Law Offices of Melvin Monachan, call us at (347) 389-1682 or contact us online.