![]() ![]() ![]() “The levels that we’re seeing now are unprecedented.” “It’s not just the high end that’s seeing bidding wars, we’re seeing everywhere, and that’s because inventory has fallen significantly - in the last six months especially,” appraiser Jonathan Miller, who compiled the Elliman report, told The Post, adding it’s a by-product of excess housing inventory burning off in a short span of time. Spoils of war: In the Upper East Side and beyond, bidding battles have pushed record-high NYC rents into the stratosphere. In Brooklyn, it grew to 19% of all rentals, up from 0.7% the previous February - while in Queens, it increased to 9.6% from 0.3% year-over-year. In February, 17.7% of all listed Manhattan rentals went into a bidding war, up from a comparatively normal 0.9% last February. In February 2022, however, net-effective median rents in Manhattan, Brooklyn and northwest Queens surged, while the number of listed apartments in all three areas plummeted, according to the latest Douglas Elliman tallies.Īnd that month, amid the high demand and low supply, the share of rental bidding wars soared in all three regions, reaching dramatic heights that industry sources told The Post they’ve never seen. Here’s how much NYC rents have risen since the pandemic on the Upper East Side listed for $1,950 per month in March, and even though its kitchen doesn’t have an oven, a bidding war pushed its signed lease to $2,100. Competition for affordable rentals is raising the rent. Today’s rental market strays far from that of the first quarter of 2021, defined by flatlined housing demand - and median rents in Manhattan, Brooklyn and Queens continuing their descent to record lows. While bidding wars have become common in NYC’s sales market, showdowns for rental units in the middle market is a new phenomenon. The landlord accepted a $7,100 deal three days after listing the home. In February, Corcoran also listed a $6,000-per-month West Village duplex carriage house, which received more than 200 inquiries and 15 offers. listed by Triplemint’s Joan Kagan and Rachel Zack for $1,950 per month - specifically, a fifth-floor walk-up whose kitchen doesn’t have an oven - ultimately leased for $2,100 following a bidding war between three interested tenants.Ī month earlier, a duplex in a Prospect Heights townhouse that the Corcoran Group listed for $7,250 saw a bidding war boost its final price to $9,000. In March, an Upper East Side studio at 414 E. New York is back, baby - and so are its notoriously high costs of living.Īs offices reopen and locals return from their pandemic hideouts, a number of bidding wars for rental units have begun driving record-high rents even higher. Millennials’ ability, ambition comes into question following new polls: ‘Go out and get a job’ Landlord gets backlash for claiming 20-somethings have ‘no pressures’ in viral rant ![]() New York City is the most expensive place in the US to be single I wish I could post a picture of my party theme smh.Once a dining hotspot, this shuttered NYC restaurant owes the city $32M in rent I’m highly disappointed, never ever limit your customers if you made a mistake then own up to it. Either the purple ball pit wasn’t available or these ppl assume my yard wasn’t big enough for a 15x15 ball pit. But it’s my money so don’t assume anything for me if I’m paying. He even mention that it’s a three year old party why would I want 15x15 he wouldn’t suggest that. Mind you I call these ppl everyday to confirm my order and to make sure they are coming. I called the company and the owner insist that we never discuss the 15x15 ball pit. the day of my party when I arrived two young men was putting up a yellow/red/green ball pit like what the hell. I kept a Barbie party for my toddler, when I saw the purple ball pit I’m like yea it’s ago. But unfortunately I didn’t get what I ordered the day of my event. First and foremost I was in love with this site from the day I found it. ![]()
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