‘It’s nuts’: Real estate agents describe chaotic bidding wars in New York City’s red-hot rental market

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Renting an apartment in New York City this summer? Say hello to sky-high prices and a fight to the finish.

Amid the heat and the occasional rain, there’s a mad scramble to rent affordable apartments in Gotham, which has been undersupplied for many years. Real estate agents describe the mayhem when it comes to prices.

“It’s nuts,” Jessica Peters, a real estate agent with Douglas Elliman, told MarketWatch. “We can’t even keep up anymore. We’re, like, let’s just put up this crazy number, and we’re getting it.”

‘A lot of renters will be in for a rude awakening.’


— Jessica Peters, a real estate agent with Douglas Elliman

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