When Maya Kosoff, a New York Town-based mostly writer and editor, started seeking for a new location to are living, she imagined she knew what she was getting into.
“I’m no stranger to the New York Metropolis rental market place,” she told “Marketplace” in an job interview. “But even primarily based on what I’ve observed over the previous, you know, just about a 10 years because I have moved below, it’s a new degree of insanity in the sector.”
In important towns throughout the country, rental costs have appear roaring again soon after falling during the first year of the pandemic. According to an investigation by the rental website Condominium Listing, regular rents jumped by an “unprecedented” 17.1% about the previous calendar year.
In New York Town, that range is 33.3%. It remains a person of the most high-priced places to rent a two-bed room condominium in the country.
Kosoff, who has lived with roommates in New York City given that 2014, stated she started hunting for a one particular- or two-bedroom apartment in February of this 12 months.
“I’m ultimately in a place economically where it can make feeling for me to have my personal place … or I considered, ahead of I began this condominium hunt and realized how insane the marketplace is,” she mentioned.
In a put up on the publishing system Medium, Kosoff comprehensive her practical experience with condominium bidding wars, landlords that check with for pre-payment of 6 months’ hire in progress (a observe that is unlawful in New York Metropolis) and a “perfectly common unit” with a 20-particular person line of potential tenants outside.
“I necessarily mean, New Yorkers enjoy to line up for points, but I didn’t know that an open home for an apartment was actually a person of them,” she reported.
Just after months of seeking, narrowly lacking out on apartments by minutes and other adventures, Kosoff inevitably secured a lease on a two-bedroom condominium for under $2,000 a month.
“I asked the broker, ‘Do you consider this is continue to going to be on the industry tomorrow?’ And she said, ‘Definitely not,” claimed Kosoff. “And in fact, as I was on my way out, there was any person else coming in to seem at the condominium.”
Click on the audio player over to hear Kosoff’s apartment-searching tale. Notify us your housing tale utilizing the sort under, and you may possibly be featured on a long run version of “Adventures in Housing.”
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