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 at $3,417 per month.
In Brooklyn, median rents slipped 10 percent year-over-year to $2,390 — its lowest level since 2011. Queens saw its prices slip to $1,999, the first time they’ve slid below $2,000 in eight years. That borough’s rents are down 10.5 percent year-over-year.
Read more at NY Post.
{Matzav.com}
Isn’t that just great!
Now the poor downtrodden illegals could move into their dwellings of choice, and the elements which had finally departed from newly gentrified neighborhoods are able to return and ruin whatever was fixed up.
Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha NOT!
This report is a bunch of ordure. Rent in the heimishe areas of Brooklyn only keeps going up and up! My landlord just RAISED the rent right in middle of Corona! The price for homes and rent in Boro Park and Flatbush will keep going up forever and ever. Landlords NEVER take a loss, never! Just pass any expenses right on to the helpless worthless gullible tenant.
Life doesn’t revolve around the heimishe neighborhoods. When YOU own something, you can charge whatever YOU want. Supply and demand. And if the price goes too high, then the demand will drop and do will the price . Economics 1.0