Rental prices in New York City have soared post COVID-19, reaching a record-high in June of $3,500 per month for a one bedroom apartment, pricing many tenants out of homes they could once afford as landlords make up for lost revenue following the pandemic, reports The Wall Street Journal.

According to New York City real estate website StreetEasy, tenants priced out of their homes likely accounted for more than one-third of New York City rental inventory available in the second quarter.

But demand is still high and supply low.

"It's been the same story the past several months, which is the demand greatly, greatly outweighing the supply in New York City," Hal Gavzie, executive vice president of residential leasing at real-estate company Douglas Elliman, told the Journal.

"In July, we saw our agents with new listings hitting the market. They would have an open house with 50 to 300 people showing up," Gavzie said. "So, it's been extremely challenging, and I think frustrating for the renter."

Rental prices jumped by 20.4% from 2020/2021 to 2022, according to StreetEasy, nearly four times as steep as the yearly increase a tenant would have seen otherwise.

In Manhattan, the average monthly rent for an apartment in June surpassed $5,000 for the first time, the highest on record.

Supply is low as many families and renters who left New York City during the pandemic are now returning, according to CNBC.

"At the end of the day, they want to be in New York," said Valirjana Gashi, a broker at Serhant. "Even some of the families that went to Miami are coming back."

• New Yorkers Speak Out on Iran Nuclear Threat
• New York City Crime Surges as Mayor Focuses on Florida Law