Rent Hikes as High as 41% Are Driving Renters Out of Their Homes
In New York City, rents have shot up 33% in the past year, which is almost double the national average.
When Gabbie Fried moved into a one-bedroom apartment on Manhattan’s Upper West Side one year ago, the landlord made her an offer she couldn’t refuse: a special pandemic rate of $1,945 per month.
“I knew potentially I'd have to move out in a year, given if the rent increases were too much, but I didn't expect it to be what it was,” Fried said.
One year later, Fried’s landlord increased the rent a whopping 41% to $2,745.
The 27-year-old dance teacher says she has no choice but to find a new apartment — and she's not alone.
Post-pandemic rents are rising in major cities around the country. In New York City, rents have shot up 33% in the past year, which is almost double the national average.
When roommates Taylor Asaro and Christina Gallo moved into their two-bedroom apartment in downtown Manhattan last year, the rent was $3,100. But this year, it’s going up to $4,095.
The 27-year-olds, who both have corporate jobs, are dog-walking and babysitting as side hustles to afford the new rent.
“There's not much room for negotiating if you're a tenant right now. You gotta step up if you like something, and you gotta pay market value, which is higher than previous market value has ever been,” real estate agent Josh Altman said.
New York City is expected to add 33,000 new apartments over the next three years.
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