Quoted in The City: Why NYC Rent Prices Keep Climbing

Manhattan’s average new lease just hit an eye-watering $5,470—30 % above pre-pandemic levels—and Brooklyn isn’t far behind. In their explainer, “Why Are NYC Rents So High? It’s Complicated,” The City digs into the mix of tight supply, remote-work demand, and interest-rate shock that keeps pushing numbers north.

“Everybody that took advantage of [preferential rents]—they’re not moving.”
— Rachel Fiegler, Co-Founder, Pinpointe Group

Our quote zeroes in on a quiet but powerful force: 2019 rent-law reforms made many COVID-era discounts permanent. Tenants who locked in those bargains are staying put, freezing inventory and giving landlords cover to hike prices on the few units that do turn over.

Pinpointe’s Take

We see this daily. Apartments with legacy “COVID deals” vanish from rotation, while comparable units leap $400–$700 a month. Until the city incentivizes new rental construction—or eases rules that sideline tens of thousands of rent-stabilized units—expect sticky prices to be the new normal.

Want more unfiltered insights? Check out our press page—we’re quoted regularly across NYC real estate media.