At least 34% of units on the market last quarter can be attributed to tenants forced to move after being hit by steep rent increases, sometimes totaling in the thousands of dollars each month, after being wooed by bargains, according to the report. More:
At least 34% of units on the market last quarter can be attributed to tenants forced to move after being hit by steep rent increases, sometimes totaling in the thousands of dollars each month, after being wooed by bargains, according to the analysis.legislation insulating market-rate renters from large rent hikes failed to gain traction.
In 2020 and 2021, renters across the city were offered deep discounts by landlords seeking to counter an exodus of pandemic-spooked residents, according to the report. With the market in their favor, some renters seized the opportunity to move to neighborhoods or apartments they would be priced out of in normal times.
“It’s also possible that some tenants decided to leave for non-financial reasons but would be faced with one of the most competitive rental markets in more than a decade,” the report reads.“We’re hearing in our district — in north Brooklyn and east Brooklyn — that residents are being hit suddenly with massive rent increases that they can’t afford, and as a result they’re having to relocate again,” Salazar said.
“I have a few rental listings myself, and it is quite overwhelming,” said Abelard, whose rental listings are largely based in Brooklyn and Queens. “The amount of inquiries I get per apartment — I can tell you I have about 10 of them, and I received over 250 emails in about two days for each apartment. Some of them are getting close to 350 emails over a weekend.”The StreetEasy analysis shows the number of units in Queens declined by 9% from the previous quarter.
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