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Why New York’s Rent is So Expensive
And How Well Intentioned Policy Is Making It Worse
New York City is an expensive place to live. This much is obvious. But in the last 6 months as the city has emerged from the doldrums of Covid-19, this feels especially true.
While there was a brief period between May of 2020 through the fall of 2021 where rents remained below previous highs, the time for deals is now long gone. In February of this year, the median rent for apartments in Manhattan eclipsed the pre-Covid peak of $3,650 in April of 2020, and it’s only continued climbing. In May, median rent broke $4,000 a month for the first time in the borough’s history. Average rent hovered at $5,000.
It hasn’t been much better city wide. Medians rents in Brooklyn as of May were $3,250, and nearly $3,000 in Northwest Queens. Average rents, and apartments with more than one bedroom, were much more expensive.
These extraordinary prices have led to some equally extraordinary scenes. Lines of dozens of people queuing up to tour (small and costly) apartments prevail. Overcrowding has become a condition of life. Nearly 10% of all households have more than one…
