According to Curbed New York, the housing market was out of control in 2022. After two years of COVID settlements, many of which we remember were somewhat less expensive but still expensive rentals, low apartment inventory, and high demand have combined to make the New York City apartment hunt something even more expensive than ever.
In this new normal that we are facing, it seems that the rents have finally leveled out but even so, the rents are still... very high!
Meanwhile, the city recently hit another record, the gap between rent and wage growth was already the highest in 14 years, according to a StreetEasy report.
However, the good news in all of this for renters as the New York City rental market is rebalancing, although it is still very competitive.
Chang, C. (2022) The Year in Rent. https://www.curbed.com/2022/12/new-york-city-record-rents-2022.html