New York City rent has increased by 36% since before the pandemic

If you braved the COVID pandemic in New York City, you’ve probably noticed that rent prices have been getting worse and worse since 2020. And the situation has only deteriorated since then.

According to data by Zillow and StreetEasy, the average New York City rent price has gone up by a staggering 36% since before the pandemic, with a median asking rent of $3,800 in August of this year. That's more than one-third more expensive than it was just five years ago. 

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As if that wasn't bad enough, it turns out that we are in the middle of a pretty awful housing shortage all across the country, too, with a deficit of 389,924 homes.

There's more: it's likely that your pay at work is not even keeping up with the rising cost of living. Rents have grown seven times faster than wages in the past year, according to the report, meaning that if you haven't received significant salary increases, it's harder than ever to pay for rent.

According to the report, in the most popular borough, Queens, demand for apartments is outpacing supply, a fact that has led to a 9% year-on-year increase in asking price. That's just an example of how bad the situation has become.

Just in case you were wondering, according to the survey, the most competitive month for renters is April (it used to be May), so you have some time to find the very best way to secure an affordable apartment if your lease is up then. 

On that note, we reached out to Casey Roberts, StreetEasy Consumer Trends Expert, to get a guru's take on the current outlook.

"The good news for renters is that we’re starting to head into the colder months, which is when rents in the city tend to be at their lowest, so if you’re looking now, you’re more likely to snag a deal," said the expert. "Renter competition has softened this year, as the ongoing affordability and supply challenges have discouraged some renters from moving altogether."

Could it be worth it to break your lease a bit early? Perhaps—or you can pack a bag and consider moving to a more affordable city, where we can all actually afford to pay rent. We're looking at you, Philly.