Rents went down when people moved out of New York City during the onset of the pandemic. But now demand is up and supply is down, causing rents to rise — in some cases by a lot.
"The rent prices are increasing at a rate that you can actually see before your eyes, which in 25 years in real estate I'd never seen before," Kowalczuk said. "It's because the inventory is really, really tight."
It's not just renters feeling the pinch. Landlords are dealing with rising property taxes and utilities, forcing them to pass the cost onto renters, according to Frank Ricci of the Rent Stabilization Association, a group that advocates for building owners. "The owners are suffering, too, and we're all suffering along with their tenants in terms of these increased costs," Ricci said. "But it's government that's making it so hard to maintain buildings in New York City."Advertisement
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