Home News Priced-out locals account for third of available NYC rentals

Priced-out locals account for third of available NYC rentals

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All the good things have to be done — and for rental housing in New York City, that means a pandemic discount on sweet apartments.

According to the company, in the second quarter of 2022, inventories of urban rental housing increased by 14% from the first quarter to 65,697. Newly released market report From the local list portal StreetEasy.That’s just part of the good news, but as the number of homes available to city renters has been recent. Remained in the pitIt involves yet another harsh view of today’s brutal rental market, largely defined by rapidly rising prices.

Of that total, the report points out that tenants are currently pricing from their leases — specifically, lessees. Those who used record low rent Most of 2020 and 2021 could account for at least one-third by relocating to flashy apartments and prime locations. Perhaps some of those units are on the market for other reasons, but StreetEasy pegs that part to 34% of the available inventory. This corresponds to at least 22,337 units where residents could not afford them in the end.

In 2020 and 2021, there were a lot of sweet, low-priced COVID deals for nifty apartments, but that era is over.
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Rent increases could continue at least until the end of this summer.
Rent increases could continue at least until the end of this summer.
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Today’s peak was at some point a deep low. COVID-19 Pandemic Leading rent to spiral free fallIn a series of market reports showing record declines. At that time, many New Yorkers left the Big Apple for a pandemic hideout for the coronavirus outside the town, and the landlord fascinated those who left behind, such as the Free Month of Reese.

However, since the fall of 2021, those who have interfered with these transactions have Received a rude awakening Renewing those leases was accompanied by significant monthly price increases. Since then, not only has the price rised, Continued to break the record — The slow reopening of offices and rising interest rates have pushed potential homeowners into the rental market, causing further confusion. Some of the recent problems facing house hunters are: Available rental bidding war When A terrible number of people In an open house.

The StreetEasy report states that the landlord is making up for the lost income. Something to support that goal: Units listed in 2020 or 2021 and relisted in the second quarter of 2022 saw landlords priced homes leased during COVID due to a 20.4% increase in offered rent. Seems to have been “actively” pulled up and collected. loss. Meanwhile, homes that went public in 2018 and 2019 and re-marketed in the previous quarter saw only a 4.5% increase in rent, the report added.

The report does not include Bronx or Staten Island.

Queens rental inventory fell for the fifth straight quarter.
Queens rental inventory fell for the fifth straight quarter.
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Median asking rents in Brooklyn reached $ 3,200 in the second quarter. This corresponds to 60% of the median monthly income of the autonomous region.
Median asking rents in Brooklyn reached $ 3,200 in the second quarter. This corresponds to 60% of the median monthly income of the autonomous region.
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Manhattan says the number of available rentals increased 33% quarter-on-quarter to 31,412, of which about 44%, or 13,821, was likely released by tenant price cuts. .. At the same time, the median asking rent for the autonomous region rose to $ 4,100. This is StreetEasy’s highest ever record, 55% of Manhattan’s median household income.

Reduced renters are looking to more affordable areas. For example, StreetEasy adds that Queens rental inventories have fallen for the fifth straight quarter. Inventory fell 9% quarter-on-quarter to 8,984, while median asking rents increased 13% from the first quarter to $ 2,600. That amount is 43% of the median household income of Queens.

Brooklyn inventories increased 5% quarter-on-quarter to 23,130, while median asking rents increased 12% to $ 3,200 over the same period. This is 60% of the median monthly income of the Kings Autonomous Region, which is “a tremendous financial burden for households,” the report adds.

Do you have any sense of security?

“We expect rents to continue to rise during this transition in the New York market, at least until the end of this summer,” the report adds.

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