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IPFS News Link • New York

Manhattan rent hits a record high of $3,700 a month - up 24% on a year ago...


Manhattan renters who leased their apartments at deep pandemic discounts are sharing their dismay as landlords jack up their rents by as much as 65% or more.

Median rents in Manhattan hit an all-time high of $3,700 per month in February, a 24 percent increase from a year ago, according to a new report from brokerage Douglas Elliman.

As offices reopen and young people flood back to the city, New York's supply of available apartments has plunged, and landlords are pressing their advantage by raising rents to new highs.

'I just got my new lease and guess what, they're raising my rent 48 percent! And its f***ing legal!' said New York City resident Gabbie Fried in a January TikTok video.

Fried, a comedy writer and actor, said that she had initially leased her apartment during the pandemic at 'pandemic prices', expressing shock at the increase.

'My life is great, I haven't had four emotional breakdowns this week, welcome to my life,' she said. 

Fried, 27, recently told the New York Times that her Upper West Side one-bedroom was the first apartment of her own she was able to afford when she got it for $1,945 per month last February.

But when she learned the rent was going up by $800 per month if she renewed, she had an 'absolute breakdown,' she said.