Manhattan Market Update: A starter guide to 3BR's in Midtown and Uptown Manhattan
Covid deals are long gone, people, and Manhattan renters are struggling with the aftermath. When people fled Manhattan during 2020, apartment prices fell significantly across the board. Now that renters are flocking back to Manhattan, the resultant price increases seem even that much more more extreme. One agent was quoted saying "Rental prices looked like a V there for a while, but at this point they're starting to look more like a check mark." Rents have risen higher than pre-Covid levels, and even with prices continuing to increase across the board, demand hasn't wavered (Learn more about why demand is so high right now here). This has put a lot of strain on everyone looking for an apartment, from first time renters to lifelong residents.
Manhattan Market Update: A starter guide to 3BR's in downtown Manhattan
The market for rentals in downtown Manhattan is incredibly competitive right now. With so many people looking for apartments, demand has skyrocketed, and so, too, have prices. As the market continues to shift in favor of brokers and landlords, many renters find themselves struggling, and that’s understandable. Fake listings are everywhere. Open houses are crowded, confusing and stressful. Prices are outrageously high and bidding wars are common. Brokers and landlords can be hard to reach for showings and, sometimes, they flat out don’t answer.
The Current State of NYC’s Rental Market
Learn more about how the NYC apartment rental market changed since Pre and Peak Covid.