NEW YORK (PIX11) — New Yorkers can now add a record-breaking increase in rent to their list of concerns.
The low rent rates during the pandemic are long gone as students and workers come back to the city.
In Manhattan, the average rental per month is $4,000, a 25% increase from last year. The vacancy rate dropped 2%. In Brooklyn, rent is up 18% from last year with a median rent of $3,250, according to a report by real estate company Douglas Elliman. In the Astoria, Long Island City, Sunnyside and Forest Hills neighborhoods of Queens, median rent comes up at $2,950, a 20% increase from last year.
Residents all over the city started to move as a way to cut costs.
“My brother and my sister did have to move because of the rent prices,” Avi Katz, an Upper West Side resident, said. “They went up by hundreds of dollars.”
Those working in real estate have seen the same.
“They’re looking to stay in their apartments, but lots of these COVID leases are expiring, so a lot of people are finding that they can’t afford to stay,” real estate agent Talia McKinney said.