NYC renters wage bidding wars for basic apartments with sky-high asks

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NYC renters wage bidding wars for basic apartments with sky-high asks
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New York is back, baby — and so are its notoriously high costs of living: Renters are battling for basic spaces now.

New York is back, baby — and so are its notoriously high costs of living.

Today’s rental market strays far from that of the first quarter of 2021, defined by flatlined housing demand — and median rents in Manhattan, Brooklyn and Queens continuing their descent to record lows. In Brooklyn, it grew to 19% of all rentals, up from 0.7% the previous February — while in Queens, it increased to 9.6% from 0.3% year-over-year.

“I can’t tell you how many [apartments] I was trying to go see [and heard] it’s gone, so I started to feel the pressure,” she said.Rich New Yorkers may have to take out own trash as doormen strike looms While it may seem like a “Hunger Games”-style scenario, it’s legal for landlords to increase their prices in bidding wars — though that depends on what kind of apartment it is.

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