Financial pain is ratcheting up for New York-area renters.
Rents for primary residences in the New York, Jersey City and Newark, New Jersey, region rose 6.1% in the 12 months through April, the biggest increase since 2005, according to a Bureau of Labor Statistics report Wednesday.
Renters in the New York area are confronting a heated market ahead of the busiest season, often in July and August for Manhattan leases. Apartments have been flying off the market and landlords are scaling back on incentives, according to reports from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
The BLS figures underscore how renters in the area are getting squeezed even as overall inflation figures showed signs of moderating in April. The surge in the BLS measure over the last year largely reflects past increases in new-lease rents, which take time to hit existing tenants as leases turn over and adjust higher.
