Main Content

Rent Increases Lead to People Moving in with Roommates

Weber Realty is experiencing massive demand for rental apartments in New York City. Demand was higher in 2021 than in 2020, but at prices that were lower than 2019. After experiencing what seemed to be a market reset in 2021, this year has been a gigantic growth period for the New York real estate market. As a result, those apartments with roommates needed are increasing.

A two-bedroom, in Lenox Hill, was rented 41% higher than what it was the previous year. The requests to see the two-bedroom was even greater. On StreetEasy, the two-bedroom received 44 saves per day this year as opposed to 8 last year. This led to the apartment being rented before an open house was initially scheduled because of the high demand.

In the same building, a one-bedroom was rented for $1,900 in the summer of 2020. It was on the market for just over a month. The same apartment was rented for $2,450 and was available for just under a week this year. In 2020, it received 3 saves per day by StreetEasy users, this time around it was 12 saves per day. The market is still hot for one-bedrooms, but definitely cooling in comparison to two-bedrooms.

Over the last two years, it was the perfect time for NYC residents to finally live without a roommate. Now with massive rent hikes, it seems that will be a short experience for many New Yorkers as they will likely have to move back in with roommates now.

Skip to content