neighborhoods<\/strong> like the Lower East Side, SoHo, Nolita, Tribeca, Upper East Side and Hell\u2019s Kitchen \u2014 has seen the imbalanced supply and demand pool while showing units to clients this summer.<\/p>\n\u201cLast year, we had, let\u2019s say, 500 apartments but only 50 people looking. This year, we have 500 people looking and only 50 apartments,\u201d he said. \u201cThere’s a surge of people coming back into the city, but there’s not a lot of inventory.\u201d<\/p>\n
Ignoring delta<\/p>\n
Even the recent rise in cases caused by the delta variant has not stopped Gani from receiving a flood of emails, texts, calls and StreetEasy messages. Earlier this month, the broker said he received 99 inquiries via StreetEasy within the first day of listing a two-bedroom apartment on Rivington Street in the Lower East Side renting for $3,500.<\/p>\n
Becki Danchik, a real estate broker for Warburg Realty, who represents clients in Manhattan, is seeing similar trends. Earlier this summer, Danchik said she received 300 inquiries across seven apartment listings in less than one day.<\/p>\n
\u201cBetween last year and now, the rental market has gone from zero to 100,\u201d she said. \u201cIt takes me like hours to just respond to people.\u201d<\/p>\n
Wu noted downtown neighborhoods that young people are eager to return to are the most in demand.<\/p>\n
\u201cWe are seeing that the inventory numbers in East Village, in a lot of areas of downtown Manhattan, are dropping way faster than they are in Upper East Side, or even areas in Brooklyn, where we’re seeing generally less demand from the younger, more mobile renters,\u201d Wu said.<\/p>\n
But as neighborhoods with fewer young people remain less desirable, Wu recommended that aspiring tenants broaden their search, like Perillo did.<\/p>\n
\u201cIt\u2019s a very hard time for the market,\u201d she said. \u201cBut it\u2019s definitely a possibility to research and see other neighborhoods and consider the tradeoffs there.\u201d<\/p>\n
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New York City Rents Rise, Even as Thousands Struggle to Pay<\/h2>\n
One report found that rents in the city were now the highest in the nation, surpassing San Francisco. At the same time, tens of thousands of people are millions of dollars behind on rent.<\/p>\n
On her first day in office this week, Gov. Kathy Hochul said that she would move to strengthen New York\u2019s beleaguered effort to distribute pandemic rent relief, highlighting the plight of hundreds of thousands of struggling New Yorkers who are at risk of being evicted.<\/p>\n
On the same day, one apartment rental site, Zumper, published a report that showcased a very different trend: After a market rebound, New York City had surpassed San Francisco and claimed the inglorious post of the most expensive place to rent a one-bedroom apartment in the nation. Data from July from the listing site Zillow, while still showing San Francisco as the more expensive place to rent, showed that New York City had closed a gap between the two cities since March 2020 and was only about 4 percent behind.<\/p>\n
That both story lines could be true at the same time \u2014 surging rents and continuing, widespread economic pain \u2014 was yet another reminder of New York City\u2019s longstanding issues with inequality and a striking reflection of how the recovery from the pandemic has, in some ways, been uneven.
The rent increases have been driven in part by the return of people to more expensive neighborhoods<\/strong> in New York City<\/strong>, and specifically Manhattan<\/strong>, where rents had dropped during the pandemic, analysts said. The desperate need for rent relief, however, is most acute among lower income New Yorkers in parts of the South Bronx or Queens.<\/p>\n\u201cIt really is a tale of two cities when it comes to New York City \u2014 when we talk about rent rising rapidly, we\u2019re really talking about some of the most expensive areas like Manhattan,\u201d said Nancy Wu, an economist at StreetEasy, which is owned by Zillow.<\/p>\n
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