NYC rents shoot up, pushing out tenants who signed pandemic deals
July 27, 2022
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2:58Now PlayingNYC rents shoot up, pushing out tenants who signed pandemic deals
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as posted by the channelAfter offering deep discounts and incentives at the height of the pandemic, now New York City landlords are jacking up rents, pushing out many tenants. New York City's pandemic rent deals initially sounded like a good idea for many. But as the deals expire, many renters are being priced out of their apartments. New Yorkers are now paying the price of what were known as pandemic-era deals, according to a new report from StreetEasy. The report found that 44% of Manhattan's inventory was likely made up of tenants being priced out. The Real Deal reporter Sasha Jones called the city's real estate market a "pressure cooker." Jones said the rental market is showing no signs of slowing down, forcing some renters to look for affordable units outside of Manhattan. But rents are rising there, too. StreetEasy reported a 9% decrease in available units in Queens from the previous quarter. The report also found that the median asking rent in Queens rose to $2,600 by the end of Q2, a 13% jump from the end of Q1.
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