New leasing in New York City fell by nearly 70% last month. What does that mean for rent prices? Some New York City residents are ready to lease expecting great deals. Will they get the deal they are looking for?
"The expected discount on rental prices by landlords due to the pause in the economy only appears to be occurring on the renewal side of the rental market, which represents about two-thirds of overall leasing activity," Jonathan Miller, CEO of Miller Samuel wrote in a report.
"If we are seeing that New Yorkers are still leaving the city come summertime, that interns and new hires aren't arriving, that would mean a significant decline in demand at a time there is typically the most. Then we could see rents go down in the next couple of months,"
- Nancy Wu, an economist with StreetEasy.
留言