So Your Rent Is About to Spike. Can You Avoid Paying More?
By: Ronda Kaysen
Published: 8/21/2021Source: The New York TimesFeaturing Corcoran's Chief Operating Officer, Gary Malin:
So Your Rent Is About to Spike. Can You Avoid Paying More?
Renters are reeling with sticker shock as they discover just how aggressively New York’s housing market is bouncing back.
Q: My roommate and I moved to an East Village two-bedroom apartment in September 2020, paying $2,400 a month. Management recently informed us that our rent will go up to $3,600 a month when our market-rate lease comes up for renewal. What can we do?
A: Last year, rents in New York plunged to historic lows as landlords scrambled to fill vacancies left by people fleeing the city. What you are experiencing now is the reality of how quickly the market has recovered in many neighborhoods, particularly the East Village.
“This person rented that apartment at a time when the market was at the absolute worst that I’ve ever seen it,” said Gary L. Malin, the chief operating officer at Corcoran. “The market has done a complete 180.”
Copyright © 2021 The New York Times Company. Reprinted with Permission. Ronda Kaysen/The New York Times.