Less-expensive boroughs like Brooklyn and Queens are suffering the consequences.
Falling rental monetary value during the COVID-19 pandemic appropriate many New Yorkers to finally get the apartment of their dream . Two years later , they ’re pay off the price for upgrading .
Manhattan ’s rental stocktaking jump to 31,412 apartment in the second quarter of this year , a 33 % increment from the first fourth and seemingly welcome news program for a city that late sawmore Airbnb lease than apartment listings . accord to a late StreetEasy report , however , 44 % of this inventory total from priced - out renters who initially leased their apartment during the peak of the pandemic in 2020 and 2021 .
At the time , landlord were offer " pandemic discounts " to fill up the vacant whole after many New Yorkers settle to move out of the metropolis . Now , the same landlord are looking to make up for the money lost with steep increases , forcing many multitude to abandon apartment they take during the market economic crisis .
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While it ’s potential some tenants bequeath for non - fiscal reason , they are facing one of the most punishing rental market place in years . Average rent in Manhattan recently hand $ 4,100 a month , which was the highest on StreetEasy criminal record and equivalent to55 % of the median household incomefor a resident of the borough .
New York City flat prices have been climbing at the fastest pace in over a decennium , and Manhattan ’s soaring rents are also affecting the " cheaper " borough like Queens and Brooklyn . Priced - out renter are face to find a home outside Manhattan , pushing Price up and inventory down in both Queens and Brooklyn , StreetEasy reports .
In Queens , rental inventory decrease for the fifth serial quarter , fall by 9 % from the former quarter with 8,984 units available . As a result , the median value Queens necessitate rent increased to $ 2,600 by the ending of the 2d quarter , a 13 % increment . In Brooklyn , split rose by 12 % , hitting a median of $ 3,200 .
