StreetEasy data: Median East Village residential rents surged 43% in past 12 months

Yesterday I shared in the EVG Instagram Stories the above post from the @nytimes account about the sky-rocketing rents for NYC apartments.

In the photo, the East Village resident and roommate reportedly paid $3,300 in rent in 2020... $4,700 last year... and a staggering $6,300 in 2022. They will likely need to move. 

I heard from about a dozen (now-former) East Village residents via Instagram who said they found themselves in similar situations: landlords dropping exorbitant increases on their market-rate apartments in the past year. In most cases, the residents had to move away ... some went out of state to live with relatives ... another is couch-surfing in Brooklyn ... while one said he found a place in the farthest reaches of Queens. 

The piece in the Times was prompted by a report Tuesday via StreetEasy titled, "As Pandemic-Era Leases Expire, NYC Renters Face Toughest Market in Decade." 

An excerpt: 

Despite gradually improving inventory, asking rents are rising steeply as landlords seek to reverse pandemic-era discounts. Rental demand has remained strong as more people gradually return to the city after a jump in outbound migration during the pandemic. Disappearing rental concessions also suggest landlords remain confident about demand. Meanwhile, priced out of Manhattan, many renters are shifting their search to more affordable areas in Brooklyn and Queens. 

And... 

Quarter-over-quarter, NYC rental inventory rose 14% to 65,697 available units in Q2. The strong increase may seem like a positive development for renters, but many of these rentals are expired pandemic-era deals that re-entered the market with significantly higher asking rents. Throughout 2020 and 2021, many landlords offered steep discounts and free months of rent — deals that have mostly lapsed by now.

Landlords have been raising rents more aggressively on units they leased during the pandemic in effort to recoup the earnings they lost. On average, rentals that were listed in 2020 or 2021 and relisted in Q2 2022 showed a 20.4% increase in asking rents per year. In comparison, rentals that were listed in 2018 or 2019 and relisted in Q2 2022 showed a rent increase of 4.5% per year. The 20.4% jump in rent is nearly four times as steep as the yearly increase a tenant would have seen otherwise – which can mean the difference between losing and keeping their current home. 

Per the report, Manhattan's median asking rent rose to $4,100 by the end of the second quarter — the highest on StreetEasy record and equivalent to 55% of the borough's monthly median household income. 

In the East Village, the StreetEasy data shows the median asking rents on active listings in the second quarter jumped 43.1% to $4,150 from the same period in 2021 

Map here via Bloomberg's article on the topic...

And there have been articles about hour-long lines to view some pretty humdrum East Village units. And there have been lines to check out larger units, such as a three-bedroom space asking $5k-plus on 10th Street at Second Avenue (photo from July 16 by Steven)...

Some parting thoughts from StreetEasy's report: 

Unfortunately, the recent improvement in rental inventory has been largely driven by households being priced out of increasingly unaffordable rentals. In addition, as interest rates rise, more would-be homebuyers may be forced to resign themselves to renting, pushing up the demand for rentals even further. During this transition in the NYC market, we foresee rent increases continuing at least through the end of this summer.

A $19,500 rental on Avenue A; 'Drama, drama everywhere'

[Image via Douglas Elliman]

There's a new listing for an apartment in 12 Avenue A (in the building that houses Kelly's Sports Bar — go Sabres!).

Here's the dramatic pitch via Douglas Elliman:

LIVE/WORK
Formerly a theatre, this 4 bedroom 4.5 bathroom home marries modernist chic with NYC edge and authenticity.

Uber renovated to pristine perfection. Sparkling Viking chef kitchen and stunning new baths, this dreamspace is totally turnkey.

Drama, drama everywhere. Soaring loft ceiling heights on 2 floors, outfitted with a state of the art commercial lighting system, this loft is the very definition of Downtown Cool.

An entertainers dream come true — it's no surprise that it hosted many, many Hollywood fetes.

Asking rent: $19,500/month.

The price has gone up since we last looked at this vacancy in 2011, when the monthly ask was a mere $12,000. (And there wasn't any mention of the unit's previous Hollywood fetes.)

You can find more interior photos here.

Neighborhood's priciest rental now selling for $9.5 million

We've seen #3C at 38 E. First St. on the rental market on and off through the years. The asking price had been $35,000 monthly back in July, which we believe made it the most expensive rental in the East Village.

Now, the whole unit between First Avenue and Second Avenue can be yours for $9.995 million.

Here's a refresher on the place via Corcoran:

Approx 5000, this loft, once a school house with 16' ceilings, 33 windows across four exposure, immediately commands your attention. Grand entrance gallery leads to the double sized living room, paneled library, and festive dining room, are well served by sun-flooded and well appointed chef's eat-in-kitchen.

Generously-sized walk-in closets and a spa-like marble bath compliment a gracious master bedroom. The second and third bedrooms are equally well proportioned, each with en-suite baths. The thoughtful renovation includes such modern conveniences as central air-conditioning, a kick ass central sound system, and of course, the ever important W/D, and also enjoys a uniquely low maintenance. Your search for a truly magnificent loft located within epicenter of the art world is over.

There's an open house this afternoon. Bring your own music to test out how kick ass that central sound system is.

Report: East Village apartments are sitting empty because they're too expensive

[Random EVG file photo]

That's one takeaway from a report that Citi Habitats released yesterday.

The East Village had a vacancy rate of 2.08 percent in August — the highest in Manhattan.

As DNAinfo's Lisha Arino reported:

“The reality is these prices are getting to the point where tenants are like, ‘You know what? It’s not worth it,’” said Gary Malin, the company’s president.

Although the East Village does not have the most expensive apartments in the city, tenants may feel they are paying too much and can find better value in other neighborhoods, Malin said.

According to the report, studio apartments rented for an average of $2,191 last month while one-bedroom units went for $2,613.

Find a PDF of the report here.

BBQ with a view for $12k a month

Starting Nov. 1, you can rent this three-bedroom penthouse at 110 Third Ave. near East 14th Street.

Here are more details from the listing, which arrived on Streeteasy at the beginning of the month:

The open Chefs kitchen features Volcanic Basaltina counter tops and Subzero and Bosch appliances, including dishwasher and washer/dryer. The master bedroom features an on-suite bathroom with his and her sinks and an 8’ Mr. Steam full body spray showers and sound system. This condominium is a phenomenal residence for anyone looking to live at the top of a prestigious New York City luxury building with a full time concierge and doorman. In addition, this luxury building has a fully equipped fitness center, illuminated contemplation garden, and cold storage for Fresh Direct.

Going rate for the great BBQ views and Mr. Steam — $12,000 a month.

Infographics help illustrate how expensive rent is in New York City

Some info from the EV Grieve inbox via Zumper, an apartment rental listings site...

Here's some info that we've gathered:

Top three most expensive neighborhoods to rent a one bedroom:

• Tribeca ($4,180)
• Greenwich Village ($3,550)
• Garment District ($3,535)

Alternatively, here are the three most expensive neighborhoods to rent a two bedroom:

• Tribeca ($6,275)
• Battery Park ($5,650)
• Soho ($5,545)

We also found the neighborhoods where splitting a two bedroom with a roommate can save you the most money (versus each renting a one bedroom on your own):

• Greenpoint - Save 47.5% or $1,425 per bedroom ($3000 for a 1 bed vs. $1575 per bedroom for a 2 bed)
• Williamsburg - Save 43.3% or $1,220 per bedroom ($2820 for a 1 bed vs. $1600 per bedroom for a 2 bed)
• Murray Hill - Save 37.7% or $1,036 per bedroom ($2750 for a 1 bed vs. $1714 per bedroom for a 2 bed)

Here are the three neighborhoods where you'll save the least by adding a roommate:

• Battery Park - Save 15.7% or $525 per bedroom ($3,350 for a 1 bed vs. $2,825 per bedroom for a 2 bed)
• Soho - Save 20.8% or $728 per bedroom ($3500 for a 1 bed vs. $2,773 per bedroom for a 2 bed)
• Chelsea - Save 24.63% or $838 per bedroom ($3,400 for a 1 bed vs. $2,563 per bedroom for a 2 bed)

Finally, some overall stats so you can see how the East Village fares in all this. To the graphs!



For instance, one-bedroom apartments are less expensive here than in Greenpoint and Williamsburg...



...and two bedroom apartments almost seem like deals (!!) compared with other neighborhoods... only Murray Hill and the Lower East Side have (slightly) lower rents in the parts of Manhattan that Zumper surveyed for two bedrooms...

In case you needed a $14,950 sublet overlooking Union Square

You're in luck then with this two-bedroom home at 840 Broadway at East 13th Street that is available starting Feb. 1.

Per the Streeteasy listing:

What could be better than living downtown in a 2800' full floor corner loft steps away from Whole Foods, great shopping, fine restaurants and superior transportation? Imagine getting off the elevator and stepping directly into your dramatic new home with its sweeping New York City vistas including a view of Union Square Park, high ceilings and beautiful details throughout. Best of all, there is an updated modern kitchen for you to cook the wonderful fresh produce you've scored from the nearby Union Square farmers market ... You have the option of renting this special home with the owner's tasteful furnishings ... or you can bring your own.

Asking $14,950 a month.

Live above Kelly's Sports Bar on Avenue A for $12,000 a month

There's a new listing for 12 Avenue A ... it's a four-bedroom, four-and-a-half-bathroom home available starting July 1.

According to the listing at Maison International:

Enjoy this nicely furnished house located in the heart of the East Village. Come in from the city hustle and bustle and lounge in your 3000 sqft house that has a gracious floor plan. A large kitchen, separate dinning area and 4 bedrooms with private baths, no detail was left undone. This house comes with its own private outdoor space that has lovely outdoor furniture that will help you unwind and forget the hype of city. Perfect for a vacation summer rental you will not be disappointed. Listed at a great price for a quick rental.

So, are we already in $12,000-is-a-great-price territory? (And I had something planned for when it hit $10,000!)

Anyway, not sure if this is a short-term rental or what... the listing isn't too clear. Still, be great in the fall if you're a Sabres fan — can zip downstairs to Kelly's...

In closing, bedrooms...