The New York Rental Market in 2022!
Just like Los Angeles, New York City’s real estate value (and rental prices) have consistently gone up in the last decade (or two)—then the pandemic happened. You’ve probably seen lots of headlines in the last two years claiming that everyone is fleeing NYC’s small apartments and clustered development due to COVID-19. What’s the truth and what can we expect to see this year? We’ll break it down for you:
Renters Are No Longer Getting Deals
As 2022 gets on its way, we are seeing the “sale” rental prices that New Yorkers saw during the early days (more like years) of the pandemic washed away. Rental prices are on the rise, but they haven’t fully returned to their pre-pandemic rates. And the prices of higher-end apartments (AKA buildings with doormen) are going up quicker than those of lower-end apartments. This pattern will likely continue, since the people who are staying in New York likely want more space for their home office and to safeguard themselves in case there’s a need to go on lockdown again.
There Is About To Be More Selections
The New York Rental Market saw a huge spike in demand last summer as three-quarters of the Big Apple’s population that left during lockdown returned to the city. However, the resurgence of COVID’s latest variant in the last few months has brought a slowdown in new renters. Plus, landlords that gave price cuts during quarantine are sending out notices with increased rental rates. Unfortunately, many of the people who rented spots during COVID may not be able to afford the new rental price and will vacate those spots, bringing more supply to the market.
Unique Patterns Are Emerging
In these unprecedented times, some unprecedented rentals are emerging. For example, the bidding wars that ensued during last year’s rental boom. It’s possible we may see another spike like this come Spring when COVID levels will likely drop and businesses may require employees to come into the office again. Another new practice is that some renters are agreeing to sign longer leases in hopes of avoiding rising rent prices.
Ready To Take a Bite of The Big Apple?
If you’re looking to rent in NYC, now is a great time to start looking. However, you might want to hold out for a month or two to see what other apartments become vacant before committing to a place. Either way, you’ll likely want to commit to a spot before the possible springtime