Stand-up comedian and content creator Daniela Mora found her search for a one-bedroom rental in Manhattan to be quite a challenge this year.
Her journey, aimed at securing a new lease by June 1, involved late-night sessions scrolling through StreetEasy in hopes of uncovering suitable options.
“You’ll have to travel anywhere in Queens if you want to be the first to see this unit,” Mora, at 26, was told repeatedly by brokers.
Determined to follow leads, Mora rescheduled professional meetings, canceled workout classes, and arrived late to comedy shows. She looked at nearly 25 apartments, applied for two, and even entered a few bidding wars—yes, she really did enter the bidding wars.
And she’s not alone. This summer, many New Yorkers on the hunt for rentals are facing not just the oppressive heat but also soaring prices and a tight market. A rental situation that normally applies to home buying—intense competition—has defined this year’s summer space search.
According to a recent report from appraiser Miller Samuel and brokerage Douglas Elliman, Manhattan rents surged to an all-time high in June. Prices have continued to climb month after month since February. The median rent for a one-bedroom in Manhattan reached a staggering $4,625 in June, with new leases exceeding the available stock.
Moreover, Miller noted that 25% of Manhattan’s tenants ended up paying more than what the landlord originally listed, marking a record share amidst June’s bidding wars. Northwestern Queens, particularly areas like prime Astoria, closely followed with 24%, while Brooklyn led with 31.9%—almost one in three tenants engaged in bidding wars.
This year’s summer market in New York City isn’t entirely new, but it does feel particularly intense.
Market dynamics are partially driven by cautious buyers deterred by high mortgage rates and economic uncertainty, as noted by Jonathan Miller from Miller Samuel. “We anticipate more records being set in the next couple of months, possibly both,” he stated.
The implementation of the city’s fare law in June exacerbated the situation, leading to rent spikes as landlords adjusted to the new ban on broker fees by increasing rents. “New Yorkers are experiencing the negative effects of the fare law firsthand,” commented Brian Hoergan, managing director with Bond in New York.
Some landlords held off on updating their listings until June when they began to see changes. An influx of out-of-market listings has drained the supply and intensified the competition in an already challenging rental landscape.
Between May and June, Miller Samuel reported a 12.4% drop in rental inventory in Manhattan, which he attributed to landlords responding to changing regulations.
Even before these new rules took effect, inventory constraints heavily impacted many renters—like Abby Paradise, 24, who, along with her roommates, sought an upgrade from their Lower East Side apartment. They quickly realized that finding affordable two-bedroom units could be a daunting task, especially with fresh graduates moving into the city.
“We were really struggling to find anything,” Paradise, who works in jewelry sales, mentioned.
Weeks went by as she devoted weekends and evenings to apartment tours, estimating she visited around 30 in total. She had to cancel plans and postpone trips to dedicate up to 20 hours a week to the search.
Despite a budget of $4,600, she and her roommate lost out in two bidding wars, even with offers that exceeded the asking price. In a bid for a one-bedroom instead, it felt like it was already too late. Paradise ended up extending her lease and covering the rent herself for a month, which meant an additional $2,000 on top of the usual costs.
Eventually, she found her ideal apartment on the Upper East Side after teaming up with broker Olivia Rispoli and agreeing to take a unit that was still undergoing renovations. Though it needed a fresh coat of paint and new appliances, her patience paid off.
Paradise reflected, “Honestly, I didn’t think I’d find an apartment I loved in my early 20s. But it really does have great lighting, a spacious living room, and a dishwasher.”
Mora, on the other hand, managed to secure her place in Kip Bay after receiving a nudge from broker Kunal Kemrani to adjust her bid upward slightly. She faced tough competition, notably from a wealthy applicant without pets.
Feeling uneasy about the bidding war, Mora said, “But, you know, I thought my time was valuable, and I invested a lot into the search.”
In the end, she found an apartment, overcoming what felt like a wild dating game with the housing market.
“I practically waved to another agent during the tour, letting them know, ‘I’m going to live here,’” Mora recounted.
