NEWYou can now listen to Fox News articles!
Young adults in two major cities shared their reactions to steep rent increases, with some saying they would consider moving in with their parents if prices hit unmanageable levels.
“My rent is way too high right now,” Connor, of New York, told Fox News. “Prior to me signing my lease, the rent for the apartment was like $3,000, and now it’s closer to $5,000.”
He told Fox News he would consider moving home to his parent’s house.
“I live only 20 minutes outside of the city, so it might be an option if I had to,” Connor said.
Madison Ave in New York City (Fox News Digital/Teny Sahakian)
BIDEN’S HISPANIC APPROVAL RATINGS PLUMMETS TO 26% IN NEW POLL
Darnita, a Washington, D.C., mother, said: “Rent is definitely going up.”
“I did have to move back with my mom to save some money,” she told Fox News. “So me and my daughter have a good place to stay.”
Rents in New York City have increased by nearly 32% since last year, while the nation’s capital has seen an almost 11% increase, according to Apartment List. The average rent for a one-bedroom apartment in the Big Apple is $4,761, and $2,527 in Washington, D.C.
“When we signed our lease in February of 2021, we had a pretty good deal, had a month free, and rent was pretty low,” Katie, of New York, said. “They raised it 28% when we resigned this year.”
She said she’d consider moving in with her parents if it came down to it.
“But I think I would consider living in a city with more reasonable rent first,” Katie told Fox News.
Luxury apartments in the Navy Yard neighborhood of Washington, DC (Fox News Digital/ Jon Michael Raasch)
SENIORS LIVING ON THE STREETS: RISING RENTS, INFLATION PUSH MORE ELDERLY PEOPLE OUT OF THEIR HOMES
As COVID-19 restrictions ease, Americans in both cities said deals they signed during the pandemic are up for renewal at higher prices.
Abbie, a D.C. resident, said her rent “increased drastically” when she renewed her lease.
“I likely won’t be able to renew my lease next year at the rate things are getting,” she told Fox News. “I had been wanting to live here for a while, and it wasn’t really affordable until rents dropped a lot during COVID.”
“I don’t think I would ever consider moving back home,” Abbie added. “I’d probably just downsize and move further out of the city.”
EXISTING HOME SALES FALL FOR THIRD STRAIGHT MONTH, SLOWEST PACE SINCE JUNE 2020
Tess, a New York City resident speaks with Fox News Digital. (Fox News Digital/Teny Sahakian)
Another woman living in New York, Tess, said: “I got a good COVID deal.”
CLICK HERE TO GET THE FOX NEWS APP
“But I have looked in the building for new apartments, and they have gone up a lot,” she continued.
But moving back home isn’t an option for Tess.
“My parents live in California, and I work in New York City, so a little bit of a far commute there,” she told Fox News.
Jon Michael Raasch reported from Washington, D.C., and Teny Sahakian reported from New York City.
