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Rent affordability is deteriorating in NYC and it's five boroughs. The city is probably one of the most difficult places in the world to rent in, with minimum credit scores of 700 and incomes of 40x rent.
Comparing soaring asking rents to median incomes indicates tenants won't have much disposable income left over after covering rent.
Details at StreetEasy & US Census Bureau
Tenants priced out of their homes likely accounted for more than one-third of NYC rental inventory available in Q2, as landlords looked to make back what they offered in pandemic discounts.
As we look to the second half of 2022, renters should expect further increases in rents at least through this summer. NYC is rapidly adjusting to a new normal after the pandemic, but the rental market remains hampered by historically low inventory. Unusually tight rental market conditions suggest rents will continue to rise, at least until a seasonal slowdown in demand occurs for rentals after the summer.
Despite gradually improving inventory, asking rents are rising steeply as landlords seek to reverse pandemic-era discounts. Rental demand has remained strong as more people gradually return to the city after a jump in outbound migration during the pandemic. Disappearing rental concessions also suggest landlords remain confident about demand. Meanwhile, priced out of Manhattan, many renters are shifting their search to more affordable areas in Brooklyn and Queens.
Details at StreetEasy Q2 2022 Market Report