Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.
Long story short – rental prices since 2019 have increased about 25%.
Case in point:
2023 has been sort of a normal year.
The Pandemic has faded, and there aren’t tons of people coming back all at once to the city looking for housing, driving prices high into the stratosphere (like last year). We’ve returned to a sort-of normal demand of renters looking for apartments.
But rent prices are high. Not as high as last year, but they’re high.
Last month, all of my rental listings were in North Brooklyn — mostly Williamsburg and Bushwick. I think the last “normal” year we had was in 2019 — a year before the Pandemic, when there were no significant outside factors affecting the rental market.
Pre-Pandemic, a standard two bedroom, non-amenity apartment in Bushwick, would rent for $2400. Now those apartments are going for $3000, fairly easily, in these high summer months.
Three bedroom apartments in Bushwick, which used to rent for $2800, are now going for $3300, or more.
I see this trend with colleagues of mine who are renting in Manhattan, or other boroughs as well — prices are up, and will likely continue to increase next year.
Hope you had a nice July Fourth weekend.
Need something? Reach out.
Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.