Home News Median Rents of Both UWS + UES Apartments Soar 42% Since Last Year

Median Rents of Both UWS + UES Apartments Soar 42% Since Last Year

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Let’s start with the obvious: The days of COVID discounts on apartments in New York are gone. Meanwhile, a few loud people (most of whom did not live in Manhattan or other provinces) claimed that the city was destined and would never recover from it. Mass outflow Of those who sought open air and more space.

But New York City has arrived, as it has been repeated over and over for centuries. Its latest reopening success story happened “officially” at some point last year. The exact moment of that “official” comeback certainly depends on who you ask.However Indoor dining is backOutdoor events were held all at once, city officials Returned to the officeAnd finally Broadway, movie theatreOther indoor spaces will be reopened to welcome guests again.

This is good news for anyone who wants to stay on either side or become a renter. Central park.. As the Italian poet Dante Alighieri once wrote, “All you who read about the rise in Manhattan apartment rents give up hope.” It’s not perfect, but it does drift.

As the city began to rebound last summer, new and former residents began to sneak up. The availability of rentals has been limited and prices have risen. Since then, that trend has continued.

According to a recent report, the median asking price for both UWS and UES has risen exactly 41.7% since this time last year. StreetEasy Report.. The median May for the Upper West Side was $ 4,250 and the Upper East Side was $ 3,500. The median for the city as a whole was $ 3,349, a record high, up 34% from last year’s near-record low.

One bright spot is the increase in available inventory for the first time in 18 months. However, supply is “not growing fast enough to meet demand, and prices continue to rise,” the report said.

Due to all the fate and darkness above, there may be bright days to come. Or at least some numbers that can show that anyone who is pedaling to raise prices that are already skyrocketing may need to brake immediately.

“Manhattan’s rental inventory bottomed out in December 2021 and only 10,433 rental units were available in the autonomous region. In May of this year, 13,933 units were available, up 33.5% from the lows. In May 2019 (one year before the Pandemic), 21,881 rental units were available in Manhattan, so inventory is significantly lower than what is considered a normal spring season. ” I am saying.

A sign of hope. As Dante said.

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