2 ms·
I was in Manhattan when the pandemic hit, now I am in suburbs and I kind of like it out here. I miss the city, but it seems rent has gone up, not down, since 20
by game_the0ry 4y ago
I was in Manhattan when the pandemic hit, now I am in suburbs and I kind of like it out here. I miss the city, but it seems rent has gone up, not down, since 2020. So I will be staying out here for a while.
- brookst 4y agoNew York rental vacancy rate is still pretty typical, but trending up[0]. I expect it will continue as leases expire and people move to WFH elsewhere. If that happens, rents should come down, unless RealPage and similar drive price spirals of higher prices for fewer occupied units. [0] https://fred.stlouisfed.org/series/NYRVAC https://fred.stlouisfed.org/series/NYRVAC
- game_the0ry 4y agoNot too sure about that. I visited NYC several times after covid, and it is packed every time. The offices might not be full, but the streets and apartments def are. > Dense downtowns in Austin and New York have seen steep increases in rental demand, a sign that people continue to be willing to pay a premium to live in a social district. (^^from the article) People, especially young people, still find NYC desirable enough to pay a lot for rent.
- brookst 4y agoI wonder how they square steep increase in rental demand in NYC with decreasing occupancy rates.