New York City has a tremendous rat problem. Officials say a big part of the reason is the abundance of food waste from all the outdoor dining, and if you visit the Big Apple, you will be almost guaranteed to see some disgusting furry rodents scurrying around.
For renters that live in the city, there’s another disgusting thing they have to cope with; the large monthly check they scratch to pay rent. NYC just hit a milestone; for the first time, the average cost of rent hit $5,000 per month. Prices are up 25% from this time in 2021,
The $5k figured is skewed a bit because the cost of the pricier rentals factors into the average price, but New Yorkers in all five boroughs are having to deal with rising rent costs and inflation on everything they buy.
What will complicate the situation for anyone looking to rent in New York is that mortgage rates are soaring, leading to a sharp decline in homes going Into the contract, thrusting more people into the rental market. And July and August are two of the busiest months of the year for people looking for a new place to rent.
A trend that realtors see in New York is people applying for units without ever visiting them, but because homes get snapped up quickly when they are listed for lease, many people feel they don’t have the luxury of eating an extra day or so to make time to visit a property.
Nationally the trend is similar, with rents rising at the fastest pace since 1986.