According to a new data analysis from StreetEasy, local tenants are prioritizing having their own space over cost-cutting with housemates.
For many New Yorkers, premium prices are worth it to live alone.
According to a new data analysis from StreetEasy, local renters are prioritizing having their own space over living with roommates to cut costs. “When rents increase sharply, renters are usually more incentivized to live with roommates or family members to share the financial burden, which can open up more units for others to rent,” StreetEasy sums up in areleased Thursday. “However, as our data shows, many New Yorkers are instead choosing to pay up for their own place.”
Demand for rental listings with two or more bedrooms has “slowed rapidly” this fall following great interest this summer, StreetEasy determined based on its listing inquiry rate. Studios and one-bedroom units, however, remain “highly sought after.” The demand dip is unexpected, the report continued, as citywide asking rent has gone up 18% in the past year, to $3,353 per month — high enough that, based on real estate logic, renters should be looking to save by any means possible. And yet, the unwavering interest in studios and one-bedrooms since 2021, when the city reopened following the initial surge of the coronavirus pandemic, has continued.
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