Renters ‘Go Nomad’ Through The Summer To Escape Crazy Rent Hikes
Elana Rosman has no problem sleeping on her parents couch on Long Island for three to four months until the astronomical prices of New York City return to normal following the summer hike. And the 25-year-old is not alone.
In a growing trend, millennials are living akin to nomads in the summer to avoid renewing or signing new leases in the city's busiest season. From couch surfing with friends to house sitting or returning to their childhood homes, the goal is to make it through to the fall when prices return to a more feasible range, the New York Times reports.
Summer in New York City is the most expensive time of the year for apartment hunters. As recent graduates storm the city in search of work and new living arrangements during the summer, landlords are boosting rents to capitalize on demand.
Recent grads Sharon Leonor and Max Scharf opted to rent a basement apartment through Airbnb for six to eight weeks to avoid the summer hike.
"Almost everything was over $2K/month for places that didn't have a good living space or even a complete kitchen," Lenor told the New York Times. "We knew it wouldn't meet our needs."
Twenty-five-year-old Daniel Reisner and his roommate chose to sublet for two months rather than to pay a $200 increase in rent for their Upper West Side apartment, and television producer Lisa Feierman and her fiance signed a three-month lease last September through October only to turn around and find a new, more affordable place on Nov. 1.
All of these examples, supplied by the Times, are tried-and-true examples of temporary solutions residents have pursued to combat the city's high rents. That is not to say this nomadic existence will always work out in residents' favor. Citi Habitats President Gary Malin told the Times the rental cycle is deliberate, and there are risks associated with trying to disrupt that cycle.
"Just because you want to wait out the market doesn't necessarily mean you will win," Malin said. "It's a trade-off — there's a risk and reward on both ends."