Bisnow (July 27, 2020) -- Apartment rents across New York City have been falling since March, and it could be a long time before they start to pick up again.
As people leave the city in droves, demand for rental units is down significantly and rent prices have taken a hit. With tens of thousands of new units currently in construction expected to hit the market over the next 18 months, experts anticipate rents will continue to drop well into 2021.
“New York gets hit hard in times like this, because it's mostly renters,” said Joy Construction principal Eli Weiss, whose company owns multifamily properties in Manhattan, Brooklyn, Queens and the Bronx. “We’ve always depended on the transient types.”
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