MANHATTAN — After a steep decline during the height of the COVID-19 pandemic, New York City rents began climbing again in recent months, returning close to pre-pandemic levels.
A report from ApartmentGuide.com found the average rent for a one-bedroom apartment in the city dropped to $2,927 in February 2021, but then jumped back up to $4,266 per month by August.
Nancy Wu, an economist with StreetEasy.com, said the ebb and flow of the pandemic played a role.
“Inventory is dropping off the market very quickly, and that’s because a lot of New Yorkers are moving back to the city,” Wu said.
StreetEasy also found landlords are offering fewer incentives to prospective renters as demand for apartments soars.
Engel & Volkers broker Nikki Beauchamp told PIX11 News her clients are increasingly getting into bidding wars over the few available apartments.
“We would be on our way to appointments and apartments would be rented before we got there,” she said.
For prospective renters looking for a deal, real estate agent Akil Rossi said his clients are still finding deals in neighborhoods such as Yorkville in Manhattan and Bushwick, Flatbush and Midwood in Brooklyn.