New York Rents Jump as Covid-19 Pandemic Discounts Fade

The high-rise building Isabella Alvarez and her roommate found on Wall Street featured a rooftop terrace, a doorman and a basketball court. A two-bedroom apartment there was renting for about $3,500 a month. But during the pandemic, the landlord offered three months free, reducing the average monthly price to $2,600.

With her one-year lease expiring in October and the market heating up, the landlord raised the rent back to $3,500 without offering any month of free rent. “It’s thrown us for a loop because we really found our home here,” Ms. Alvarez said. She is now looking uptown for something more affordable.