In May, Viveca Chow hurriedly transferred $3,700 over her phone while standing in the lobby of a building in Queens, New York. She made the upfront payment to secure an apartment minutes after seeing it.
It was a moment the 28-year-old lifestyle influencer — forced to leave her previous accommodation after the landlord increased her monthly rent by $1,000 — described to CNN as “dystopian.”
Yet it is something that Chow, along with millions of renters in big cities, has come to expect as part of the fight for affordable housing. Her realtor urged her to pay the holding deposit on the spot to secure the one-bedroom unit.
In many urban centers, an influx of workers and students after the pandemic has collided with a lack of accommodation for rent, high levels of inflation, and rising interest rates that are trapping some people in the rental market when they would otherwise be buying a home.
Average rents in New York and Sydney grew by an inflation-busting 4.7% and 6.9% respectively in the year to August, according to real estate firm Knight Frank. While growth in rental costs in both cities has slowed compared with its pandemic peaks, average rents are still at all-time highs.
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