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New York Renters Face 70% Increases as Pandemic Discounts Expire

The era of widespread Covid concessions for apartment hunters is over.

Brandon Himes signed a lease on his two-bedroom East Village apartment in November for $1,700. His upcoming renewal price: $2,900 — a 70% increase. His landlord didn’t explain why.
Brandon Himes signed a lease on his two-bedroom East Village apartment in November for $1,700. His upcoming renewal price: $2,900 — a 70% increase. His landlord didn’t explain why.Photographer: Ismail Ferdous
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The pandemic-era rental market in Manhattan gave people the chance of a lifetime to move into the apartment of their dreams. Ten months is all they got.

Landlords are jacking up rents — often by 50, 60 or 70% — on tenants who locked in deals last year when prices were in freefall. Some renters are being forced to move at a time when the market is roaring back to nearly pre-pandemic levels. And concessions are slipping away.