NYC rents are in free fall, now reaching record lows

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.

https://nypost.com/2021/04/23/nyc-rents-continue-to-hit-record-lows/

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NYC rents are in free fall, now reaching record lows

NYC rents are in free fall, now reaching record lows

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