Anyone have a take on how the NYC rental market is going to play out over the next few months? I signed a lease on a luxury midtown apt 1bed for ~3500 in July 2021 which is now going for ~4500 / month. Prices seem to just keep increasing as well. Anyone know if this is coming down? Thinking about moving to Long Island City at this rate.
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Doubt it will come down given places are on the market for like 1-5 days and many have multiple applications in that time. Prices will only fall when units are hanging out on the market and need concessions to get rented, we are not even close to that.
Prices could fall off later in summer with lots of inventory from covid deals coming back online, but you'll also have lots of people looking too. Doubt the $4500 apartment will ever be back near $3500 though, assuming you signed in the first half of 2021 that was still very depressed pricing.
Perception is it is going to get waaaay worse before it gets better with 421a going away and weird ANY vesting things i've read about. Investors think gov't may step in somehow.
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