More than a third of new rentals on the market in NYC are likely due to tenants being priced out of homes they could afford in the early years of the pandemic, when landlords across the city offered deep discounts to counter an exodus of residents.
At least 34% of units on the market last quarter can be attributed to tenants forced to move after being hit by steep rent increases, sometimes totaling in the thousands of dollars each month, after being wooed by bargains, according to the analysis.legislation insulating market-rate renters from large rent hikes failed to gain traction.
In 2020 and 2021, renters across the city were offered deep discounts by landlords seeking to counter an exodus of pandemic-spooked residents, according to the report. With the market in their favor, some renters seized the opportunity to move to neighborhoods or apartments they would be priced out of in normal times.
“It’s also possible that some tenants decided to leave for non-financial reasons but would be faced with one of the most competitive rental markets in more than a decade,” the report reads.“We’re hearing in our district — in north Brooklyn and east Brooklyn — that residents are being hit suddenly with massive rent increases that they can’t afford, and as a result they’re having to relocate again,” Salazar said.
“I have a few rental listings myself, and it is quite overwhelming,” said Abelard, whose rental listings are largely based in Brooklyn and Queens. “The amount of inquiries I get per apartment — I can tell you I have about 10 of them, and I received over 250 emails in about two days for each apartment. Some of them are getting close to 350 emails over a weekend.”The StreetEasy analysis shows the number of units in Queens declined by 9% from the previous quarter.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sunday heat hampers biking, running portions of NYC TriathlonAs a result of Sunday's heat advisory with near-record-high temperatures, organizers reduced the running portion of the race from 6.2 miles to 2.5 miles, while cutting the 25-mile bike leg in half.
Read more »
Safety is No. 1 concern among NYC subway riders, MTA survey findsNearly one in five respondents, meanwhile, said they would ride the subway more often if there were “fewer people behaving erratically,” the survey found.
Read more »
Bronx family aims to help people with disabilities find accessible attractions in NYCA Bronx family started a blog to help people with disabilities find accessible destinations and attractions in New York City. HannahKliger reports.
Read more »
Woman, 77, Found Beaten to Death Inside NYC Home: SourcesA 77-year-old woman was found beaten to death in Brooklyn, authorities said Sunday. First responders were dispatched for a possible assault inside a residence on East 45th Street near Linden Boulevard in the Flatbush section late Saturday. Police found Elenora Bernard with bruising and swelling all over her body, two police sources said. They also said she suffered from dementia….
Read more »
WATCH: Man Hit by Car, Robbed While Lying Injured in NYC StreetA man was struck by a car, then robbed while he lay injured on the pavement in the Bronx on Saturday morning.
Read more »
‘Had to sneak my way in’: Chappelle jokes with NYC crowd in surprise appearanceComedian Dave Chappelle surprised fans as he opened for Chris Rock and Kevin Hart in New York City on Saturday.
Read more »