New York landlords hit tenants with record rent hikes

According to recent rent increases, New York has become twice as pleasant to live in. As the pandemic wanes, landlords are forcing the...


According to recent rent increases, New York has become twice as pleasant to live in.

As the pandemic wanes, landlords are forcing their tenants to pay soaring monthly rents – part of a record rise in housing costs sweeping the country, according to reports.

“It should be illegal,” Living New York agent Brett Allen told the Post about recent absurd rent increases he’s seen in boroughs, regardless of amenities or renovations. “It’s horrible. I see a lot of people getting kicked out of their homes, people who paid their rent on time with perfect credit scores.

A recent report by Zumper found that the median price of a one-bedroom apartment in Manhattan increased by 25% this year compared to last year; a two-bedroom increased by 27%. It also showed that in January, rents in New York were the highest in the country, beating expensive cities like San Francisco, Boston and Miami.

But many locals report more extreme hikes.

High-rise apartment: Anne Kennedy’s landlord has increased her monthly rent by almost 50%, from $2,696 to almost $4,000 for a studio apartment in the West Village.
Stefano Giovannini

Skincare brand manager Anne Kennedy recently experienced first-hand the rising rent trend: Over the past year, the 26-year-old Chicago native had paid $2,696 for his West Village studio. A resident of New York for three years, Kennedy loved her “humble” unit, as well as the building, where she was close to several tenants. She had planned to renew her lease when she received an email almost exactly 90 days before it was to end and learned that her landlord was planning to raise her rent by 46.5%.

“It’s like an eviction notice. No one can afford such an increase.

Agent living in New York Brett Allen

“It’s actually comical,” she said of the $3,950-a-month rent offered by her new lease. “It’s really heartbreaking because I won’t be able to live with one of my best friends in the building anymore.”

“It couldn’t have happened to a better person who negotiated in good faith and moved forward reasonably,” said Allen, who is a friend of Kennedy’s and her agent. “It’s like an eviction notice. No one can afford such an increase.

Anne Kennedy’s studio in the West Village.
Stefano Giovannini

Unfortunately, since Kennedy’s hire is free market, there is nothing illegal about this maneuver, although a law 2019 obliged its landlord to inform it of the increase 90 days before the renewal of the lease.

Other tenants in his building on Greenwich St. have also seen hefty rent increases, Kennedy reported, though his is — for unclear reasons — the most obscene.

While the end of COVID-19 may be the most obvious explanation for the sudden upward trend in rents, Brett thinks it’s more complicated.

“I think the pandemic is over – these 50% increases started in January of this year,” he said. Instead, he listed the most likely causes being “inventory annihilation” in the $2,000 to $3,000 per month range coupled with the decentralization of move-in dates caused by COVID and the “ greed” pure and simple.

As the pandemic wanes, landlords are forcing their tenants to pay soaring monthly rents - part of a record rise in housing costs sweeping the country, according to reports.
As the pandemic wanes, landlords are forcing their tenants to pay soaring monthly rents – part of a record rise in housing costs sweeping the country, according to reports.
Getty Images/iStockphoto

“These are owners asking higher prices than ever before just to see what they can get,” he said.

The trend is particularly extreme in the most desirable neighborhoods

“Rents have been really crazy” in neighborhoods like Carroll Gardens and the West Village, founder of Realty Collective victoria alexander says La Poste. “There was a rush to the city and there just weren’t enough apartments in places with a high quality of life. It’s really based on the neighborhood.

Despite the discouraging situation, Kennedy pledges to stay in town. Although she plans to leave Manhattan if she has to, she is not yet looking for an apartment beyond the boroughs.

“New York is definitely my home,” she said.

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Newsrust - US Top News: New York landlords hit tenants with record rent hikes
New York landlords hit tenants with record rent hikes
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