Priced-out locals account for more than a third of available NYC rentalsBy Zachary Kussin
July 26, 2022
All good things must come to an end — and in the case of New York City rental housing, that means pandemic-era discounts for sweet apartments.
In the second quarter of 2022, the inventory for city rental homes rose 14% to 65,697 from the first quarter, according to a newly released market report from local listings portal StreetEasy. While that’s a sliver of good news, as the number of available homes for city renters has recently remained in the pits, it comes with yet another grim look at today’s brutal rental market, defined primarily by rapidly rising prices.
Of that sum, the report notes that tenants now priced out of their leases — specifically, renters who took advantage of record-low rents in 2020 and much of 2021 by moving to flashier apartments or more-prime neighborhoods — likely accounted for at least a third. Perhaps some of those units hit the market for other reasons, but StreetEasy pegs that portion to 34% of the available inventory, which equates to at least 22,337 units whose residents ultimately couldn’t afford them.
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Source:
https://nypost.com/2022/07/26/priced-out-locals-account-for-third-of-available-nyc-rentals/
