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Once again, despite the loudly proclaimed convictions by some that "New York is dead!" given a pandemic that has, indeed, shifted our way of life for a bit, the city's real estate market has proven that it's actually pretty ripe at the moment. (No surprise here.)
Case in point: RentHop's latest report, which confirms that rent prices are, indeed, climbing. To be specific: the median rent for a one-bedroom in New York today is $3,450—which is 3.73% higher than it was in March 2020, right before the pandemic hit. We do wonder what the city's naysayers have to say about it all right now.
The survey looks at specific neighborhoods and it turns out that the Manhattan areas that have seen the largest increase in the price of their one bedrooms are the Upper West Side (+44.4%), Chelsea (+42.4%), the Bowery (40.8%), NoHo (+34.6%) and the Financial District (+34.5%).
Lest you thought Manhattan to be the outlier, think again. According to the study, the upwards trend also took root across Brooklyn and Queens.
"Similar to Manhattan, rents in [Brooklyn] areas with no-fee rental buildings jumped over 20% year-over-year as landlords raised rates and no longer offered concessions," reads the survey. Many Manhattanites actually moved to Brooklyn throughout the past year, hoping to find larger apartments that would offer more amenities—including outdoor spaces.
One-bedrooms in Prospect Heights and Fort Greene specifically saw the largest price hike (37.4% and +34.8%, respectively).
As for Queens, Long Island City saw the largest hike (+43.8%), followed by Ridgewood (+11.5%) and Astoria (+10.6%).
The pretty all-encompassing report also warns us to expect a flood of renters to inundate the market, which will result in an even higher increase in rent prices as landlords try to make up for pandemic-related losses mostly due to concessions and the rental eviction moratorium.
Basically, we're right back to the New York that we are used to and, to be quite honest, we're not sure whether to be ecstatic or petrified about that.