Since the pandemic, rents in New York City have gone up sharply, especially in the wealthiest and most popular neighborhoods. In some areas, rents are up around 50 to 60 percent compared to just a few years ago. The sharpest jumps are in places like Greenpoint, SoHo, Tribeca, Chelsea, Dumbo, and Long Island City. What used to feel like high rent before 2020 now seems almost modest compared to today’s prices.

Middle and Upper Middle Earners Feel the Pinch

It’s easy to think that only low-income renters are struggling, but even people making well over $100,000 a year are now feeling squeezed. Incomes that used to comfortably cover rent, food, and savings are now being stretched thin. Some renters making up to $300,000 a year are spending more than a third of their income on rent alone. For many professionals in finance, tech, and the arts, neighborhoods they once considered affordable have become a serious financial strain.

Why Rents Are Rising So Much

Several factors explain this surge in rents. During the pandemic, many people left the city, and landlords lowered prices to fill empty apartments. As people returned, landlords pushed rents up again, sometimes beyond pre-pandemic levels. Another factor is the type of housing being built. Much of the new construction in New York is luxury housing, which raises the average rent. On top of that, the overall housing supply is too limited, and demand is far higher than what’s available. Finally, with high interest rates making it harder for people to buy homes, more people are renting longer, which also drives demand and prices upward.

Neighborhoods With the Biggest Increases

Certain neighborhoods stand out for how much they’ve changed. Greenpoint and SoHo have both seen rents climb by about 60 percent. Tribeca isn’t far behind, with increases close to 58 percent. Chelsea has gone up by more than half, while Dumbo and Long Island City have both seen jumps close to 50 percent. Overall, the median rent in Manhattan is now more than $4,700 a month, the highest it has ever been. For many renters, this means downsizing, taking on roommates, or moving farther away from the city center.

The Bigger Picture for NYC’s Future

These rent spikes affect more than just individuals. They shape who can afford to live in the city and what kind of city New York becomes. High earners who once drove demand in trendy areas are now reconsidering where to live. Families that want to stay in the city are being forced to make tough choices. Politicians are also feeling the pressure, with more support building for rent freezes and other affordability measures. If the current trends continue, New York risks pushing out even more of its middle class, leaving a sharper divide between the very wealthy and those barely scraping by.