NYC Could See Wave Of Priced-Out Renters In 2022: Study

NEW YORK CITY — The coming year could be a pricey one for New York City renters, according to a new study.

A StreetEasy study — "2022 NYC Housing Predictions: What New Yorkers Can Expect" — released Friday found signs that the city's topsy-turvy rental market during coronavirus pandemic will settle into another new status quo.

Rental concessions that enticed tenants into apartments in 2021 will end early in the new year, the study stated.

"Facing higher gross rents, many renters who can no longer afford their apartments will be forced to move," the study states. "This will add to a flood of both demand and inventory in Q1 2022 and beyond."

Many city renters found themselves experiencing rollercoaster-like highs and lows as they navigated the apartment market during the pandemic.

Prices hit relative rock bottom and apartments were in bountiful supply as many tenants simply fled the city in the first months of COVID-19. But both changed dramatically this year as people returned.

The StreetEasy study predicts 2022 prices will stagnate or fall briefly early in the year because of a slowdown in moves.

"If this happens, though, it will likely be brief," the study states. "Rents are sure to rise again as more people move back to the city in the summer, and new deals from spring 2021 expire."

Read more predictions in the full study here.