According to our rental listings, more than 600 apartments had their prices increased over the last two weeks. This compares to the roughly 350 listings that had their sticker prices reduced over the same time period. Plummeting inventory and surging demand have motivated landlords to ratchet up rents closer to pre-pandemic levels. There is now a paltry 4,400 apartments available for rent in Manhattan, a dramatic decline from the more than 16,000 availabilities in October 2020.
Renters who snagged once-in-a-lifetime deals at the height of the pandemic, but signed only one-year leases, may face a case of whiplash when handed their renewals. The problem is becoming so severe that some sources claim the high prices and lack of inventory threaten the city's recovery. Investopedia's New York City Recovery Index notes that the number of available residences has led to excessive tightness in the market, resulting in falling index scores. They also note that the rental market has effectively stabilized and is near a full recovery from the pandemic.
Renters who snagged once-in-a-lifetime deals at the height of the pandemic, but signed only one-year leases, may face a case of whiplash when handed their renewals. The problem is becoming so severe that some sources claim the high prices and lack of inventory threaten the city's recovery. Investopedia's New York City Recovery Index notes that the number of available residences has led to excessive tightness in the market, resulting in falling index scores. They also note that the rental market has effectively stabilized and is near a full recovery from the pandemic.
In this article:
A September 2021 national rental report from Zumper shows that NYC has widened its lead above San Francisco, claiming the unceremonious feat of having the most expensive rents in the country. While rising rents are a sign of confidence in the city’s future, median household incomes of New Yorkers have not kept pace, and may have even dropped during the pandemic. High-priced real estate won't be doing the vast majority of residents any favors.
Solutions to the housing crisis are not intractable, and the next administration will need to harness new ways of bringing online housing, reining in construction costs, and shoring up our dilapidated infrastructure. Noah Smith, in a recent article published in the Washington Post, says, "In order to maintain its density and functionality, the city will have to learn how to build things again."
A discounted $4,000/month alcove studio in the East Village (Compass)
From the Listing:
The apartment is North facing and cool features include a Juliet balcony, open kitchen with Bosch oven and dishwasher, Subzero fridge, your own washer/dryer, deep soaking tub, and floor-to-ceiling windows. A small storage cage also is available for your use.Be steps away from the best nightlife in the East Village and Lower East Side. See floor plan and full details here.
From the Listing: Welcome home to this beautiful and spacious 1,200 square foot floor through Apt. on a quiet tree lined cul-de-sac
This stunning and very well cared for apartment has both North & South Exposure providing tons of natural sunlight a Fully Equipped Large Open kitchen including a Dishwasher Hardwood Floors throughout High Ceilings, Generous Closet Space w/ a HUGE Walk-in Closet!!! See floor plan and full details here.
From the Listing:
A capacious 2 bed 1 bath that enthralls an abundance of natural light flow as well as an elegantly designed open layout. The kitchen boasts all the modern design with stainless steel appliances and plenty of counter space, storage, and an abundance of closet space throughout. The Robert Livingston Building features a full-time doorman, live-in super, laundry in the building, and bike storage available.
See floor plan and full details here.
From the Listing: Avoid all the hassles of renting unfurnished by opting for our move-in ready, furnished apartments for flexible stays of a month, year or even longer. See floor plan and full details here.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
From the Listing: Avoid all the hassles of renting unfurnished by opting for our move-in ready, furnished apartments for flexible stays of a month, year or even longer. See floor plan and full details here.
From the Listing: Welcome to 3F - This stunning loft studio located in prime Williamsburg features sprawling high ceilings, white oak floors, Italian built ins, generous storage space, and oversized windows that flood the space with incredible sunlight.
This luxury loft studio offers spacious living quarters and an open gourmet kitchen with counter dining, abundant cabinetry, Italian millwork, brass hardware, vein-cut Danby marble countertops and backsplash, and top-of-the-line stainless steel appliances including a Bertazzoni cooktop, microwave, and dishwasher. See floor plan and full details here.
This luxury loft studio offers spacious living quarters and an open gourmet kitchen with counter dining, abundant cabinetry, Italian millwork, brass hardware, vein-cut Danby marble countertops and backsplash, and top-of-the-line stainless steel appliances including a Bertazzoni cooktop, microwave, and dishwasher. See floor plan and full details here.
From the Listing: Sun-drenched Two-bedroom, one-bathroom renovated home in the serene Kensington section of Brooklyn within 15 min to Prospect Park.
See floor plan and full details here.
From the Listing: Avoid all the hassles of renting unfurnished by opting for our move-in ready, furnished apartments for flexible stays of a month, year or even longer.&
Feel at home wherever you choose to live with Blueground. You'll love this stylish Midtown East furnished studio apartment with its modern decor, fully equipped kitchen, and sophisticated living room.
See floor plan and full details here.
From the Listing: Welcome to AQUA, a stunning ground-up new rental development by the bay!Apartment 4A contains a modern open concept 2 bedrooms + 2 bathroom layout with a spacious private balcony. Inside, the apartment features durable engineered flooring, sound-attentive Pella double-paned windows, striking quartz slab counters and backsplashes, custom-built Italian Scavolini two-tone cabinetry & millwork, and contemporary fixtures & finishes throughout. What's more, every apartment contains an in-unit washer/dryer!
See floor plan and full details here.
From the Listing: No Fee Studio Now Available! Offering 1 Months Complimentary.Located in historic Bed-Stuy, 1328 Fulton offers no fee studios2 bedroom luxury residences.Unit 705 is a Studio featuring:Oversized Windows Oak Hardwood Flooring ThroughoutStainless Steel Appliances Caesarstone Countertops Grohe Fixtures Abundant Natural Light Oversized Living Spaces See floor plan and full details here.
From the Listing: No Fee | Spacious 3 Bedroom in Stuyvesant Heights | Backyard, Dishwasher
The apartment features include stainless steel kitchen, hardwood floors, with plenty of natural light. None of the bedrooms have a common shared wall with each other, in/kitchen dining/living room.
Net Rent Advertised with1 Month Free
See floor plan and full details here.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
