More NYC renters are looking to live without roommates

One of the words that come to mind when people think about New York City is expensive. This city is known for its high prices, and that includes housing costs. Over half of NYC tenants spend a third of their income or more on rent. 

One of the ways to cut expenses while renting is to share your apartment with roommates. However, it seems that recently a growing number of New Yorkers are looking to live alone. Studio and one-bedroom apartments receive more inquiries from potential tenants than two or more bedrooms, according to recent data from StreetEasy.

This rise in demand for smaller rentals comes as a surprise. Over the past year, the median citywide asking rent has gone up 18 percent and reached $3,353. Usually, when the rents go up, more people begin to look for a roommate to reduce their expenses.  

The demand for smaller apartments began to increase in 2021. By the summer of 2022, it was up more than 200 percent when compared to January 2021. The shift from in-person offices to working remotely has allowed people to spend more time at home and invest more money into their living space.  

“One of the main issues for roommates in today’s market is finding enough personal space which allows them to work comfortably from home,” said James Finelli, Compass agent and an expert at StreetEasy. 

“As many renters are still working or studying remotely in a larger capacity than prior to COVID, it has become a necessity to fit a desk and has more privacy in their bedroom. And as most shared apartments can be very space prohibitive, many renters have opted to find their own studio or one bedroom that does not pose the same challenges.”

New Yorkers looking for rental units this winter are more likely to find good deals or sign a lease with concessions. The share of rentals that went through a price reduction reached 18.5 percent in October, the highest since the start of the pandemic. Additionally, 11.5 percent of listings offered concessions, such as free months of rent. However, despite all these positive changes, the listing inventory of smaller rentals remains low, therefore, tenants should expect competition when trying to find an apartment. 

Resources:

“NYC Renters Pay Up to Avoid Roommates Despite Record-High Rents,” by Kenny Lee (StreetEasy, 2022)

“More NYC renters going solo: report,” by Harrison Connery (The Real Deal, 2022)