Ghosting, live bidding, long lines and fewer apartments: This is what it’s like renting in New York City this summer.
Jasmine Perillo outside a building where she couldn't get an apartment in the Chelsea neighborhood of New York City on Aug. 12, 2021.Jasmine Perillo, a 26-year-old digital strategy consultant who has lived in New York City for eight years, has never found it as difficult renting an apartment as she has this summer. After one of her roommates moved home and the other moved uptown, Perillo began a seven-week journey at the end of May to find an apartment as her return-to-office date neared.
According to recent data from real estate brokerage Douglas Elliman, more new leases, excluding renewals, were signed in Manhattan, Brooklyn and the northwest part of Queens last month than any other July in over 10 years. The competition for New York City rentals during Jasmine Perillo's nearly 2 month apartment search, from left, the Upper West Side, Kips Bay, and Chelsea.On the other hand, rent discounts — once a pandemic staple — are falling. In Manhattan, rent cuts hit their lowest level in a decade in July, falling nearly 25 percent year-over-year to 9.5 percent, according to StreetEasy. Rent cuts dropped 15.3 percent in Brooklyn and 11.7 percent in Queens last month compared to a year ago.
But that has also meant these renters are back in the city as the delta variant takes hold and more companies delay their return-to-work dates. In early June, Griffin Kao, a product manager at Google, signed a three-bedroom lease with two friends in the Gramercy, East Village, area after living and working from home for a year back in his hometown of Philadelphia, following college graduation in May 2020.
Gani — who rents in neighborhoods like the Lower East Side, SoHo, Nolita, Tribeca, Upper East Side and Hell’s Kitchen — has seen the imbalanced supply and demand pool while showing units to clients this summer.
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