New York Rents Seem Near Backside

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And thousands of New Yorkers are at risk of losing their homes later this summer if a nationwide eviction moratorium is expected to end. The pandemic has dramatically deepened the indebtedness of low-income tenants who are already threatened with eviction. While a roughly $ 2.4 billion government emergency rental aid program was opened to applicants on June 1, some tenant groups have questioned whether the funding and reach will be sufficient.

The price adjustment in New York is part of a nationwide trend driven by renters looking for lower rents and more space, said Brian Carberry, executive editor at Apartment Guide, a listing aggregation website.

In April, Las Vegas saw the largest average rental increase for one-bedroom apartments out of 100 U.S. markets, at $ 1,653, or 44 percent more than the same month in 2020, the website said. It was followed by Virginia Beach, Virginia, where one-bedroom one-bedroom rents rose 32 percent to $ 1,603, and Mesa, Arizona, where they rose 25 percent to $ 1,268.

Cities with the largest average year-over-year decreases in one-bedroom apartment prices included San Francisco, down 19 percent to $ 3,137, Washington, DC, 17 percent to $ 2,181, and New York, down 15 percent to $ 3,684.

“If you’ve always wanted to live in an expensive place, now is the time to go,” said Mr. Carberry.

But as the deals continue, some landlords are starting to resort to these sweeteners.

“Prices go up and concessions go down,” said Beatriz Moitinho, an agent for Keller Williams NYC, for free for a month or two.

There has been particularly strong activity in the city center, in neighborhoods like the East Village, Ms. Moitinho said, where incoming college students – or rather their parents – are bidding on apartments again unseen. Areas like the Upper East Side are recovering more slowly, but prices are rising there too.