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NYC rents are in free fall, now reaching record lows
While this remains bad news for city landlords, locals on the hunt for a new rental apartment can snag some deals.
nypost.com
It took a pandemic to soften the city’s notoriously high rents.
As many New Yorkers receive the COVID-19 vaccine and resume their normal lives, the rental market remains in the pits, according to the first-quarter market report from listings portal StreetEasy, which found that city rents continue their free fall to record lows.
In Manhattan, for instance, median rents dipped to a brand-new low of $2,700 per month, marking the borough’s cheapest housing price recorded on StreetEasy since the site began tallying in 2010. That figure marks a significant year-over-year drop. By comparison, in the first quarter of 2020, and in the days right before New York’s COVID-19 outbreak, the median asking rent was more than $700 higher.
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The rents in NYC have always been very high. A 'studio' apartment that needs a Murphy bed would cost more than half your income.
Offices emptied by the virus are now becoming artist's lofts, which I think is great. The owners are apparently glad to have someone in those spaces.
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