At the height of the coronavirus pandemic, enough New Yorkers relocated, temporarily or permanently, to a point where it greatly affected the overall vacancy rate and rent prices. In October 2020, Manhattan’s median asking rents fell below $3,000/month for the first time in nearly a decade. How times have changed - between encouraging vaccination numbers, plummeting case rates, return-to-work dates, and the resumption of cultural activities, New York is seeing a rise in demand that has led to correspondingly high rents: A recent report from Douglas Elliman found that rents are approaching a record high due to low vacancy and a sharp drop in available apartments.

Indeed, CityRealty listings show 4,744 publicly listed apartments for rent throughout New York City, and the median Manhattan rent is now $4,501/month. Those just moving to New York for the first time are not the only ones facing sticker shock - pandemic prices are not carrying over to new leases, and the concessions of yesteryear are staying right there.