New York City’s scarce rental inventory has gotten slightly better, according to a new StreetEasy market report, but it seems due to tenants being priced out of COVID deals.
The StreetEasy report notes that landlords are making up for lost revenue. Something to help that aim: units listed in 2020 or 2021 and relisted in the second quarter of 2022 had a 20.4% increase in their asking rents, making it seem that landlords have “aggressively” upped the prices for dwellings leased during COVID to recoup their losses. Meanwhile, homes listed in 2018 and 2019, which then hit the market again last quarter, only had a 4.5% rent increase, the report adds.
Renters priced out have set their eyes on more affordable areas. For instance, StreetEasy adds, rental inventory in Queens declined for the fifth straight quarter. Inventory slipped 9% to 8,984 quarter-over-quarter, while the median asking rent grew by 13% to $2,600 from the first quarter. That amount is 43% of Queens’ median household income.
Inventory in Brooklyn rose 5% to 23,130 quarter-over-quarter, while the median asking rent increased 12% to $3,200 over the same period of time. That’s 60% of the monthly median household income in the Borough of Kings — “a staggering financial burden for a household,” the report adds.“During this transition in the NYC market, we foresee rent increases continuing at least through the end of this summer,” the report adds.
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