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Market rate units in some areas and for certain apartments are stabilizing or whatever. Other units are seeing increases.
What does seem to be true is that some people are giving up on NYC and moving out or reconsidering coming here in the first place. People are also considering areas further out from Manhattan or west Brooklyn in search of cheaper rents.
Long story short people are having hard time coming up with the rents LLs are asking in many cases. Last two weeks of February seemed like moving out of dorms day around the UES/Yorkville. Plenty of U-hauls, family vans, SUVs, etc.. and leases ended and people gave up their apartments.
rental prices would decrease if stupid people would stop renting studios for 2K or one bedrooms for 3K.
maybe if these apartments sat vacant for a long time the rents would come down.
but if people keep renting them, they wont....
this is an example, look what this idiot is spending on rent for this dump
All I'm seeing is increases on the low end in lower Manhattan. Used to be in 2014 that I could find apartments in the $1500 range, sometimes lower. These days, I can't even find anything below $1600 much less $1600 itself. I'll be stick with my stabilized studio until the normalization is felt throughout the entire market.
Anyone else see this happening currently? Rental prices seem to be stabilizing or even decreasing in some areas.
Probability states that nothing can go up forever and I think we're seeing the start of something permanent here.
Yes, it seems so. They can't go up forever. After all people's salaries can't keep up with that rise, and clearly we will reach the point when the prices stabilize. I believe that we've reached it (at least in the areas not very popular among rich foreigners).
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