“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 mentioned. “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 a number of the greatest decreases. The common value for a Manhattan studio dropped 13.eight p.c, to $2,456, in September 2020 from the identical month final yr, in keeping with a market report from Douglas Elliman. Manhattan two-bedrooms, alternatively, had been down four.2 p.c year-over-year, with a mean lease of $four,817.
The need 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 additionally excessive demand for five- and six-bedroom residences with costs that pencil out, per room, to roughly the identical as smaller, historically extra fashionable shares.
“I’ve been surprised by the traffic on larger apartments,” she mentioned. “Being alone for months, not going into an office, people got really lonely.”
This summer season, 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 dwelling 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 buddies from Williams College lived upstairs in a comparable setup. The buddies from the 2 residences would typically socialize on weekends, however after coronavirus, neither half-sized lounge was a perfect venue for socializing or working.