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HomeU.S.Goodbye Pandemic Deals: New Study Shows Manhattan Rents Are On The Rebound

Goodbye Pandemic Deals: New Study Shows Manhattan Rents Are On The Rebound


NEW YORK (CBSNewYork) — If you’re struggling to search out reasonably priced lease in New York City, particularly Manhattan, you’re not alone.

A brand new examine reveals rents have rebounded, and as CBS2’s Natalie Duddridge studies, pandemic offers are out, large will increase are in.

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In September 2020, CBS2 worker Lauren Mennen bought a deep pandemic low cost on an condominium within the Financial District.

“It was the apartment of my dreams,” she mentioned. “This studio normally went for $2,800, I was told. They gave it to me for $1,700. And I was like, I can’t say now, and the guy who showed it to me, he’s like, ‘We’re just giving out apartments this week.’”

But this previous December, when her lease expired, it was rental shock.

“I get the lease renewal. They want to raise it to $3,200. That’s an 88% increase of what I was paying,” Mennen mentioned.

So Mennen determined to maneuver.

“As I started my search, I would reach out on one day, and they would get back to me saying it’s already gone,” she mentioned.

It’s a development tenants are experiencing throughout town, however particularly in Manhattan, the place the month of December noticed the best rents ever, based on a brand new report by Douglas Elliman and Miller Samuel Real Estate.

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It reveals final yr in Manhattan, there was an 11% emptiness charge and 26,000 empty flats.

Today, there’s a 1.7% emptiness charge and fewer than 5,000 flats.

“It’s been a phenomenal drop in supply because there was a massive surge in demand as people began to come into the city in 2021 to rent after the vaccine option really began to ramp up,” mentioned Jonathon Miller, president and CEO of Miller Samuel, Inc.

Experts say the vaccine, low rents and the return to the workplace is what’s bringing renters again.

“You had a feeling in the fall of 2020 that there would be 11 people left in Manhattan, and it was a silly premise. Now, we’re trying to figure out what shape Manhattan looks like when this is brought under control,” Miller mentioned.

As for Mennen, she lastly discovered a brand new place.

“I lost the doorman. I don’t have a dishwasher. I don’t have an AC unit, and it’s a fourth floor walkup,” she mentioned.

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But now she’s paying extra for much less.

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