This Valentine’s Day season comes when rent for New York City apartments skyrocket. The market that once soared due to the pandemic is slowly coming to an end.
StreetEasy reports that there has been a rise in “couples” discounts for New York City apartments.
Renters are saving more money by moving in with their partners. For a 1-bedroom apartment in New York City, couples save $30,000 per year–that’s $14,400 per person for the median price.
The report continued by focusing on the various boroughs within New York, contrasting the price differences. For a one-bedroom apartment in Manhattan, couples save $39,000. In Brooklyn, couples save $26.4 thousand and $23.4 thousand in Queens.
Couples that annually save hold for a 20% down payment on the median New York City home in 6.6 years.
“In a time when many renters are facing expiring concessions and mourning the loss of the good deals during 2020-2021, cohabitation can help renters live with all of their desired amenities without trading for a second choice neighborhood,” Nancy Wu, an Economist at StreetEasy said.
To read more about the report, visit streeteasy.com/blog/cohabitation-savings-nyc.