“I had a listing on the Upper East Side — an $1,800 studio in a doorman building, which would normally be very coveted, but this year was really hard to fill,” Ms. Hale stated. “The apartments that are renting right now are one-bedrooms for couples or two-bedrooms for roommates.”
Indeed, whereas rental costs have dropped throughout all classes, studios have had among the greatest decreases. The common worth for a Manhattan studio dropped 13.8 p.c, to $2,456, in September 2020 from the identical month final 12 months, based on a market report from Douglas Elliman. Manhattan two-bedrooms, alternatively, have been down 4.2 p.c year-over-year, with a mean hire of $4,817.
The want for roommate camaraderie is such that Melinda Sicari, an affiliate dealer with Douglas Elliman, has not solely seen a lot of individuals transferring from studios into two-bedroom shares, but in addition excessive demand for five- and six-bedroom flats with costs that pencil out, per room, to roughly the identical as smaller, historically extra standard shares.
“I’ve been surprised by the traffic on larger apartments,” she stated. “Being alone for months, not going into an workplace, folks received actually lonely.
This summer time, Chris Hattar and 5 roommates moved into a six-bedroom monetary district share, one among Ms. Sicari’s listings.
Before the pandemic, Mr. Hattar, 24, had been residing with two of the identical roommates in a Murray Hill flex two-bedroom, with a third bed room created from a partial wall in the lounge. Three different associates from Williams College lived upstairs in a comparable setup. The associates from the 2 flats would typically socialize on weekends, however after coronavirus, neither half-sized lounge was a great venue for socializing or working.