Sunday, June 13, 2021

New York Rentals Appear Near Down

And there are thousands of New Yorkers who are in danger of losing their homes later this summer, when a moratorium will be imposed across the country. The pandemic has drastically deepened the debt for low-income tenants who already had the risk of eviction. While an approximately $ 2.4 billion government program for first aid opened for applicants on 1 June, some rental groups interrogate it whether the funding and outreach will be sufficient.

New York’s price recovery is part of a nationwide trend spurred by tenants who want lower rents and more space, said Brian Carberry, senior managing editor of Apartment Guide, a merger site.

In April, among the 100 U.S. markets, Las Vegas had the largest average rent increase for one-bedroom apartments with $ 1,653, or 44 percent higher than the same month in 2020, according to the website. This was followed by Virginia Beach, Virginia, where rents for one-bedroom rose 32 percent to $ 1,603, and Mesa, Ariz., Where they rose 25 percent to $ 1,268.

Among the cities with the largest average price declines for one-bedroom apartments from the same month last year were San Francisco, up 19 percent to $ 3,137, Washington, DC, up 17 percent to $ 2,181, and New York, up 15 percent to $ 3,684.

“If you’ve always wanted to live somewhere expensive, now’s the time to go there,” he said. Carberry said.

But while the deals continue, some landlords are starting to use up on the sweeteners.

“Prices are going up and concessions are coming down,” said Beatriz Moitinho, an agent at Keller Williams NYC, saying that some buildings that were once offered four or five months for free with a 16-month lease in the winter, is now down. up to one or two months free.

There were especially strong activities in the city center, in neighborhoods like the East Village, Ms. Moitinho said, where incoming university students – or more likely – offer their parents, again on invisible apartments. Areas like the Upper East Side were slower to return, but prices are also rising there.

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