'Gotta seize the opportunity': why New York millennials are happy about quarantine

In the third quarter of 2020, average rents in Manhattan fell to $ 2, the first time since 990 to drop below $ 2011. Thanks to this, millennials in New York can afford to live alone. Until recently, many of them only dreamed about it. The details are shared by the publication New York Post.

After living for eight long years in Washington Heights, where Tia Allen shared living space with roommates and Airbnb guests, she is finally living alone. "Every New Yorker strives for this," said Allen, 37, a musician at Broadway's Jagged Little Pill. “To have a shelter, to return home in peace and quiet, all this makes a big difference.”

In September, Allen moved to Hell's Kitchen Studio. She now lives alone in a two-bedroom, high-ceilinged apartment she rents "at a reasonable price." Before the pandemic, this housing would have cost her $ 3 a month. Allen now pays $ 195 for it, only slightly more than the previous suburban apartment she rented with other people. “This is the only bonus from the pandemic for me,” the girl said.

While the coronavirus pandemic has affected lifestyles and the economy, tenants in Manhattan have benefited from it - housing has become more affordable. As a result, Allen and many other New Yorkers today can afford to live alone.

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In the third quarter of 2020, average rents in Manhattan fell to $ 2, the first time since 990 to drop below $ 2011, according to StreetEasy. The reason is the low demand for rental housing in Manhattan against the background of the fact that New Yorkers continue to leave the city, and employees who work from home prefer to rent other housing, further from the center.

Kristin O'Laughlin, a 27-year-old financial analyst, moved into a studio in Chelsea in August at a cost of $ 2200 after she received a free month of rent for a year. This is $ 1000 per month more than in Alphabet City, where she lived. But now she doesn't have to worry about roommates not cleaning up or hearing music loudly when she wants to sleep. “This is definitely a world of change,” she said.

The 26-year-old publicist Siobhán Stocks-Lyons has also experienced the benefits of lower rents in New York. When the outbreak began, she was still sharing a 55 square meter apartment with a roommate who also worked from home, making life even more difficult for her. She paid $ 1700 a month to rent a room.

Siobhan dreamed of moving into a studio located in an 18-story building on Midtown East near her office. In July, prices there fell by about $ 600 a month. And in August she moved to a studio with a balcony on the 15th floor. The rent was $ 2100, but after negotiations the price dropped slightly. Siobhan notes that she felt all the benefits of housing, which does not need to be shared with anyone. “To live alone in a large space…. It's incredible, ”she said.

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Jonathan Cort, 25, has been sharing living space with two roommates in Washington Heights for four years, dreaming of privacy. In September, he decided to take advantage of the real estate situation and moved into a studio in Hell's Kitchen. “She's very, very small, with a tiny kitchen, compact bathroom and bedroom,” he said. However, this housing is completely at his disposal, and this is a significant advantage for Kort. According to the lease, the apartment costs $ 1700, while he only pays $ 1100 a month, which is well within his $ 1500 budget. “You have to be in the right place at the right time if you want to make a good deal,” concluded Court.

Those who dream of finding the best housing should take advantage of the situation in the real estate market, comments Mihal Gartenberg, an agent of Warburg Realty. He believes that the tenant-friendly supply may disappear as offices open, thereby creating demand for housing in Manhattan.