NEW YORK (PIX11) — Those once sweet pandemic-era rent bargains are now turning sour.
More than a third of New York City’s rental inventory from April through June likely came from tenants who were priced out of their homes, according to the real estate app StreetEasy.
On average, apartments put on the market in 2020 or 2021 and relisted this spring rented for 20% more, nearly four times the normal increase, as landlords try to recoup what they lost from discounted pandemic-era leases.
PIX11’s Katie Corrado has more in the video player above.
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