NYC rents are in free fall, now reaching record lows

JacksinPA · Apr 25, 2021

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.

Integrityrespec · Apr 25, 2021

JacksinPA said:
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.

The city of New York is in free fall. People are fleeing the high taxes, high price of real estate, rent, rising violent crime and poor leadership.

Peter · Apr 25, 2021

Property bubbles happen all the time and this is no different.

Simply blaming high taxes as the only reason is just silly.
London has high taxes and house prices are insane but people still want to live there because it's London.

I have no idea why people are moving out of New York and it could be any number of reasons.

bomberfox · Apr 25, 2021

About damn time. Too bad it took covid...

Cameron · Apr 25, 2021

Honestly, NYC is lovely at the moment, although I feel bad for all the lunch places in Midtown.

JacksinPA · Apr 25, 2021

Cameron said:
Honestly, NYC is lovely at the moment, although I feel bad for all the lunch places in Midtown.

I feel bad for NYC because I lived there for a year in the 60s. Wonderful city. You can get fresh sashimi delivered at 4AM.

eohrnberger · Apr 25, 2021

Integrityrespec said:
The city of New York is in free fall. People are fleeing the high taxes, high price of real estate, rent, rising violent crime and poor leadership.

High taxes, rising violent crime and poor leadership. Agreed.

Fleeing the negative consequences of the seriously flawed public policies of the 'leadership' they've voter for.
Too bad that those fleeing are bring the same seriously flawed public policies to where they go, expecting the same public policies to be implemented there.
Why would any sane person insist on repeating the same mistakes in a new place? Knowing the negative consequences that will result?

Gaius46 · Apr 25, 2021

Real Estate prices in Suffolk, where I live, are skyrocketing because people from the boroughs (ie NYC’s 5 boroughs) are moving away.

Mr Person · Apr 28, 2021

Integrityrespec said:
The city of New York is in free fall. People are fleeing the high taxes, high price of real estate, rent, rising violent crime and poor leadership.

You people always say blue cities are being destroyed.

You people always promise that "Democrats" will destroy America.

Neither seems to happen, the economy improves under Democrats, and blue states - especially super-populous economic powerhouses like NYC - carry your asses. Red states have been living of blue state money for decades and decades.

Balance of Payments Portal – Rockefeller Institute of Government

rockinst.org

Outlook · Apr 28, 2021

JacksinPA said:
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.
================================================================
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.

Rents in feel fall? wonder how that happened?
City closed down
Teachers won't go back to work
crime soaring
criminals released from jail to victimize others
high cost of living
poor politics

SenorXm/Sirius · Jul 3, 2021

The median resale price for Manhattan apartments hit $999,000 in the second quarter — the highest on record, according to a report from Douglas Elliman and Miller Samuel.
Average sale prices rose 12% in the quarter, topping $1.9 million, the report said.

And as expected, it's bouncing back..

Redirect Notice

JacksinPA · Jul 3, 2021

SenorXm/Sirius said:
The median resale price for Manhattan apartments hit $999,000 in the second quarter — the highest on record, according to a report from Douglas Elliman and Miller Samuel.

Average sale prices rose 12% in the quarter, topping $1.9 million, the report said.

And as expected, it's bouncing back..

Redirect Notice

Yup. Nature abhors a vacuum. Got a kick out of them turning all the now unused office space into studios for artists.

SenorXm/Sirius · Jul 4, 2021

JacksinPA said:
Yup. Nature abhors a vacuum. Got a kick out of them turning all the now unused office space into studios for artists.

NYC was dead in the 70's, it came back... NYC was dead after 9/11, it came back... There was never a dount it was going to bounce back again... There's always people wanting to go there and live, even if it is for a short time.

LostinThought · Jul 4, 2021

Along with how horribly the city has been going recently, I'm not really surprised with any of this.
Hopefully when they get a new mayor they'll be able to pull out of this funk.

Slartibartfast · Jul 4, 2021

JacksinPA said:
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.
================================================================
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.

The pandemic, along with telecommunications is likely to produce long term structural changes to our economy that might make cities less attractive to live in.

Big Steve · Jul 4, 2021

I've got an old high school friend who, along with her now-deceased husband, purchased a townhouse on the upper west side in 2005. They paid $2.2 million for it.

I was talking to her not long ago and she told me that, right now, she'd be lucky to get $900K for it.

People want to get the Hell out of New York City. My brother and I sold our late aunt's condo in New York, maybe an hour north of the city. It needed a lot of work. The central A/C needed to be replaced, both bathrooms need to be ripped out and renovate, along with the very dated kitchen. We listed in for $199K and accepted an offer, four days later, of $216K. The buyer was someone who lived in the city...

SenorXm/Sirius · Jul 4, 2021

Yeah, I live about an hour north of NYC, median housing prices have jumped here about $80,000 in the last 10 months. It's ridiculous how much the prices have jumped here because people are moving out of NYC, but as I just posted, other people are moving back into the city. Resale prices are now at a record price in NYC...

EMNofSeattle · Jul 4, 2021

Peter said:
Property bubbles happen all the time and this is no different.

Simply blaming high taxes as the only reason is just silly.
London has high taxes and house prices are insane but people still want to live there because it's London.

I have no idea why people are moving out of New York and it could be any number of reasons.

London rents would probably decline if immigration officials swarmed the city with a mandate to deport all foreigners

Gaius46 · Jul 4, 2021

SenorXm/Sirius said:
Yeah, I live about an hour north of NYC, median housing prices have jumped here about $80,000 in the last 10 months. It's ridiculous how much the prices have jumped here because people are moving out of NYC, but as I just posted, other people are moving back into the city. Resale prices are now at a record price in NYC...

Same here an hour east of the city. Prices have gone up at least 20% since last year.

SenorXm/Sirius · Jul 4, 2021

Gaius46 said:
Same here an hour east of the city. Prices have gone up at least 20% since last year.

My house jumped to about $450,000 it was about $385,000 last year.. The wife and I have no intentions of moving, we're settled in, retired, and the house paid for.. BUT damn it, when I see online the price jumped this much, and Realtors tell us what we can currently get, I admit I paused and thought about selling..

EMNofSeattle · Jul 4, 2021

SenorXm/Sirius said:
My house jumped to about $450,000 it was about $385,000 last year.. The wife and I have no intentions of moving, we're settled in, retired, and the house paid for.. BUT damn it, when I see online the price jumped this much, and Realtors tell us what we can currently get, I admit I paused and thought about selling..

The problem with selling at the top of the market though is that now you need a new place to live during the top of the market too

SenorXm/Sirius · Jul 4, 2021

EMNofSeattle said:
The problem with selling at the top of the market though is that now you need a new place to live during the top of the market too

In many cases that is true.. But in our case, because we are both retired and don't have to worry about commuting, we could go north, upstate the prices are dramatically less. The further away from NYC, the cheaper the housing prices.

AliHajiSheik · Jul 4, 2021

EMNofSeattle said:
London rents would probably decline if immigration officials swarmed the city with a mandate to deport all foreigners

Why would they deport someone who was there legally? Most people only want illegal immigrants to be deported, unfortunately we get lumped in with the xenophobes who don't know when they crossed the line.

EMNofSeattle · Jul 4, 2021

AliHajiSheik said:
Why would they deport someone who was there legally? Most people only want illegal immigrants to be deported, unfortunately we get lumped in with the xenophobes who don't know when they crossed the line.

I think the vast majority of legal immigrants in the US should have their visas canceled and be sent home. The only reason for immigrants is to lower wages for American workers. Non working wives of American men would be the only allowance I would make. The US has 100 million extra people since the 1965 immigration act.

And probably the same thing in England too.

Manc Skipper · Jul 4, 2021

Trump Org is drowning in debt, much of it due next year. Without the presidency, nobody is going to bail him out, and Trump will go entirely bust! Rents if freefall is the icing on the cake.

NYC rents are in free fall, now reaching record lows

JacksinPA