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

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A recent report found that New York City rents saw a slight decrease during the month of June.

Zumper recently released their July National Rent Report, which takes a look at how the pandemic is affecting rent prices for one-bedroom and two-bedroom units across the country. According to their findings, national one and two-bedroom median rents saw upticks as more people have started moving again: one-bedroom rent grew 1% to $1,229, while two-bedrooms increased 0.8% to $1,485.

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.

As the pandemic continues, Zumper says that the demand for rentals has continued to shift away from pricey areas and a significant amount of that demand seems to be moving toward neighboring and less expensive areas.

Read the full report at zumper.com.

 

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