NYC’s Rental Market on Fire

Although shifting to a renters’ market in the summer of 2020 as New York City was coming out of the Covid-19 pandemic, it was short-lived as the landscape quickly shifted amid the city’s residential rental market attracting high demand. Bidding wars among renters and plunging apartment availability is being partially fueled by factors ranging from high mortgage rates to remote work which has made it easier for people to move to the city. “Net effective median rent in Manhattan has increased nearly every month since June 2021,” hitting record highs in April and May 2022. The difference lately between median rents and net effective median rents has been “miniscule” and landlord concessions become less and less of a factor; while the share of no-fee apartments advertised on StreetEasy dropped from 75% last year to 55% so far this year.