New York City sees SLIGHT decrease in rental prices amid COVID-19 pandemic

[jmyrlefuller]

https://qns.com/story/2020/07/04/new-york-city-sees-slight-decrease-in-rental-prices-amid-covid-19-pandemic/

New York City is the second-highest rents last month, with $2,890 for a one-bedroom apartment and $3,210 for a two-bedroom. Despite being high up on the list, the price for one-bedrooms was down 2% and two-bedrooms were down 0.3%. Year-over-year, prices for two-bedroom apartments in New York City are down 5%, according to Zumper.

(excerpt)

[jmyrlefuller]

5%? A pandemic wipes out most of your economy and pleasure activities, and it only falls 5%?

[cato potatoe]

It's early yet.  The landlords will have to reduce rent until an equilibrium is reached, or the property is torched.

[Gefn]

I love telling peeps what I pay for a place and someone telling me what I can get for my money in most places in the country. Seems like other than SF and other parts, once you get out of New York and Jersey, property values are so much more bang for the buck.

[roamer_1]

I love telling peeps what I pay for a place and someone telling me what I can get for my money in most places in the country. Seems like other than SF and other parts, once you get out of New York and Jersey, property values are so much more bang for the buck.

Around here, an older but fair 2bdrm, 1100 ft2 on a 1/2 acre close to town rents for between $800 and $1200/mo, and would sell for something around 100-150k..

You can find $500/mo if you shop for it, and don't mind doing your own work on it. My son did that... Replaced the appliances with used refurbs and threw in some carpet (used)... fixed the toilet now and then... 500/mo for four years till he bought a piece.