NYC apartments are scarce as rent skyrockets, bidding wars erupt

• During the pandemic, rents fell in pricey markets like New York and San Francisco.
• But with people now flocking to the Big Apple, Manhattan rents are higher than before COVID.
• One young man in NYC saw his rent jump more than 40%.

In September 2020, Thomas Ferry scored a studio apartment in Manhattan for $1,950 a month, just as pandemic-weary New York City dwellers were fleeing to their vacation homes or reclaiming their childhood bedrooms in the suburbs.

Last May, right before references to the “hot vax summer” began taking root, he was able to renegotiate the rent down to $1,750 for a one-year lease, starting in June.