The great re-migration to NYC is underway (and rent is going crazy)

The rents in New York City as skyrocketing out of control, up to over $5,000/month for certain 1 bedroom apartments. The landlords in Manhattan have taken full advantage of a return in demand since the pandemic, with record-low vacancy rates.

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Rents in New York City actually dropped during the pandemic, as over 100,000 people left the city in 2021. But now they are up by 25% from their pre-pandemic norms. The average studio goes for $3,200/month.

These rents are going so high because there is no inventory for rent, with the vacancy rate for apartments in NYC hitting 1.4%. Meaning there are bidding wars for rentals in neighborhoods across Manhattan, Brooklyn, and Queens.
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