One-bedroom apartments in New York are now more expensive than before the pandemic

Once again, despite the beliefs loudly proclaimed by some that “New York is dead!” given a pandemic that has, indeed, changed our way of life quite a bit, the city’s real estate market has proven that it’s actually quite mature right now. (No surprise here.)

Concrete example: the latest RentHop report, which confirms that rental prices are indeed increasing. To be specific: the median rent for a bedroom in New York today is $3,450, or 3.73% more than it was in March 2020, just before the pandemic hit. . We wonder what the city naysayers have to say about it right now.

The survey focuses on specific neighborhoods and it turns out that the neighborhoods in Manhattan that have seen the biggest increase in the price of their one bedroom are the Upper West Side (+44.4%), Chelsea (+42, 4%), the Bowery (+40.8%), NoHo (+34.6%) and the Financial District (+34.5%).

Lest you think Manhattan is the outlier, think again. According to the study, the upward trend has also taken hold in Brooklyn and Queens.

“Similar to Manhattan, the rents of [Brooklyn] areas with no-cost rental properties have jumped more than 20% year-over-year as landlords raise rates and no longer offer concessions,” reads the survey. actually moved to Brooklyn over the past year, hoping to find bigger apartments and more amenities, including outdoor spaces.

One-bedroom apartments in Prospect Heights and Fort Greene specifically saw the biggest price increase (37.4% and +34.8%, respectively).

As for Queens, Long Island City saw the biggest increase (+43.8%), followed by Ridgewood (+11.5%) and Astoria (+10.6%).

The fairly comprehensive report also warns us to expect a flood of tenants to flood the market, which will drive rental prices even higher as landlords attempt to make up for pandemic-related losses, primarily by due to concessions and eviction of rents. moratorium.

Basically, we’re back to the New York we’re used to and, to be quite honest, we don’t know whether to be ecstatic or petrified about it.

Comments are closed.