David Seifman of the Post reports that renters have been getting killed for years:
New York City residents who didn’t have the foresight to buy their own home and are living in a market-rate apartment got hammered by a 68 percent increase in costs over 15 years, Comptroller William Thompson said yesterday.
(Via the Real Deal)
Anecdotally, I have heard several stories and first hand accounts of landlords raising rents 20% for those whose leases are up for renewal. I met someone yesterday who is considering purchasing because his rent is going from $2000 a month to $2500 a monnth with only a one year lease promised by the landlord (which seems the writing is on the wall for another increase next year).
Soaring rents may in fact bring many back to the purchase market, particularly as the market has cooled and there are some excellent buys out there right now for the shrewd shopper.
