Manhattan, NY

Last month, Manhattan's average rent reached a new high of $5,000

Antoine Maurice King, MBA, MSIT

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Chelsea Towers(Website)

For the first time, the average monthly rent in Manhattan exceeded $5,000, and brokers predict that demand and prices will continue to rise until the fall.

The availability of Manhattan apartments for rent grew dramatically during the pandemic and is currently very close to a record low. With around 6,400 units available at the end of June, the vacancy rate was just 1.9 percent, a 46 percent decrease from the previous year.

Brokers report that many families and tenants who fled the city during the pandemic are returning despite worries about high crime, expensive taxes, and troublesome subways. Additionally, younger renters are flooding the rental market. To take advantage of the city's culture and nightlife, millennials and even some members of the Gen Z generation are moving there after graduation or working remotely from high-rise apartments.

Most tenants in NYC anticipate annual rent increases from their landlords. However, many tenants are unaware that such rent hikes may be against the law. In particular, recent modifications to the landlord-tenant rules in New York State and New York City have altered when and how much a landlord may raise a tenant's rent.

In New York City, rent hikes typically don't go beyond 5% of your current rent; however, the exact percentage your landlord can increase your rent depends on the unit location. If you reside in a free-market building, your landlord is free to raise your rent by any amount as long as they give you adequate notice. However, you have rights under New York State law restricting how much a landlord may raise your rent if you live in a rent-stabilized or rent-controlled apartment (i.e., a rent-regulated flat). Remember that more than 50% of New York City's apartments fall under the rent-stabilized or rent-regulated category.

Most of the time, you are free to discuss any rent increases your landlord proposes as part of your lease renewal. However, keep in mind that if your landlord is adamant about raising your rent, they may legally reject your "counteroffer," which you make in an attempt to negotiate. However, your landlord could think twice about decreasing the renewal rent increase amount if you have been a good tenant who pays the rent on time and has been a decent neighbor. Being a good tenant has advantages because landlords tend to agree to reduced rent offers from good tenants.

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Antoine Maurice King, AABA, BSIT, MBA, MSIT, is the founder of Spate Media and digital marketing, business, and technology expert. With over 15 years of business and marketing experience, he has worked with some of the biggest names in entertainment. Antoine currently works as a business consultant and educator on a variety of different types of projects. He loves writing about local events, music, business, technology, and people doing great things in the community. If you know of any great people doing good things in the community or any stories you think should get attention, feel free to let me know.

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