I’m not sure if I agree with this article from The Real Deal : Landlords and tenants stuck in “stalemate” July rental market
For starters, while not everyone living in NYC is “moving up” due to the high rent prices, there is still a huge influx of college grads moving into the city this summer with impressive offer letters in hand from their prospective employers.
Secondly, most NYC renters were forced to move last year when their rents sky rocketed due to an improving economy. For example, when the market was in the toilet you could easily get a studio in new development for less than 3k per month and lock into a multiple year lease at the same price or with very little increase. That all changed at the end of 2011 when landlords increased rent prices anywhere from 5%-10% (or more) so residents were forced to move and once again wisely locked into multiple year leases, which could be a reason why fewer New Yorkers are moving this year.
Lastly I think it’s fair to say, judging from this July 2013 rental report, that renters are unquestionably more miserable than the landlords.
