For many New Yorkers, the premium price is worth living alone.
A new data analysis from StreetEasy shows that local renters are prioritizing having their own space over living with roommates to cut costs.
“When rents rise sharply, renters typically move to live with roommates or family members to share the financial burden. This may make more rooms available for others to rent,” he said. , StreetEasy summarizes. new market report Released Thursday. “But as our data shows, many New Yorkers are choosing to pay for their place instead.”
Demand for rental properties with two bedrooms or more “slowed sharply” this fall, after strong interest this summer, StreetEasy determined, based on property inquiry rates. However, studio and one-bedroom units remain ‘very popular’.
The fall in demand was unexpected, the report continued. Asking rents across the city have risen 18% over the past year to reach $3,353 per month. The unwavering interest continues: Interest in smaller units peaked this summer, with demand for one-bedrooms and studios up a whopping 200% at that point, according to StreetEasy.
For those who can satisfy others at home, the discounts are huge: sharing two bedrooms saves New Yorkers $14,900 per person per year, reports StreetEasy. If you live in one room, that amount will be $20,300 per person.
Still, working from home has made having your own space worthwhile for many.
Compass agent James Finnelli said in a report, “Many renters are working and studying remotely on a larger scale than they were before COVID-19, so they’re setting up desks and ensuring privacy in their bedrooms. We need to protect it,” he said. “And since most shared apartments are so space-limited, many renters choose to find their own studio or his one bedroom that doesn’t pose the same challenges.”