I’ve decided I cannot afford rent in lower Manhattan anymore. Been here for 6 years and make more each year but this is just crazy now. My 2 bed 1 bath went from 5200 to 6800. Bruh that’s just insane

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That's why I like owning. Everyone is paying so much more in rent and my co-op fee of $800 has barely changed in 10 years. Meanwhile my equity has skyrocketed post Covid. I own a small 1br on the UWS outright.

likefunny

Eyyyy wealthy suburbia in the Midwest welcomes you!

likeuplifting

I’ve been hearing (in the news) prices for rentals may drop soon because there’s so much inventory as people are relocating instead of signing new leases in the 5 boroughs. Prices are already dropping for houses in the US considerably more than the interest rate hike

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Plus recession…

At $2600 (I just renewed my lease a week ago), I have the cheapest one bedroom in my UWS elevator building. I'm starting to think it might soon be the cheapest one bedroom (at least with in unit washer/dryer) in Manhattan.

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Nope, not rent stabilized. It's small for a one bedroom, not a lot of storage space, and on a busy street, which probably drives the price down a little but ..idk. I don't know why it's so cheap. I do kind of hate the unit though so maybe they've had issues keeping tenants in it?

I was actually planning on leaving until I saw my lease renewal and the increase was just so minimal I couldn't justify passing it up. My Super thought it would have relisted for $3200 when we spoke last, which seems about right in the current crazy market

I moved to Port Imperial in NJ - 2 bedroom 1200sq for 3.8k + 450 car payment will take it over manhattan

Why 2 bed? Do you have kids?

Just to make you feel better: My one bed increased to 6500 (from 4500) lol

Again, @OP, people are paying for it, right? But I do agree with another poster who believes prices will decrease—eventually. Your issue is that as an existing tenant, you’re a bit of a captive audience. Either you pay more or have to deal with the inconvenience of leaving. That is kind of why, in my view, renewing rents for existing tenants will likely be more that finding a new place. But I’m not in that situation, so I don’t know for sure. And we don’t have rentals in NYC anymore.

That’s my rent for an increase in price, god damn

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