The median asking rent in the city — including all five boroughs — hit $3,575, or 2.4%, in February, according to listing platform StreetEasy.
The TikTok video took viewers on a tour of “the smallest apartment that currently exists in New York City.”
“Things will start getting better as inventory increases, and the market just comes back to more of a balance between supply and demand,” Kenny Lee, economist at StreetEasy, told Yahoo Finance. “But we still have a long way to go because of this historical decades-long shortage on their building and on their supply of housing.”
“The population is always growing. New York City also saw a tremendous amount of creation of new jobs since the global financial crisis in 2008. But the housing supply really never caught up with that,” Lee said. He once rented out a two-bedroom apartment for $4,800 in an hour, site unseen. Within seconds of the rental listing going live, multiple people reached out. The spacious unit was situated in an excellent East Village location and had a private rooftop.
Garden suites were supposed to add to Toronto's housing density. Just 6 have been built in the last 2 years
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