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New York rents appear to be near bottom

And thousands of New Yorkers face losing their homes later this summer, when a statewide moratorium on evictions is expected to end. The pandemic has dramatically worsened the debt of low-income tenants who were already at risk of eviction. While an estimated $ 2.4 billion public emergency rent assistance program was opened to applicants on June 1, some tenant groups questioned whether funding and awareness would be sufficient.

The price reset in New York is part of a nationwide trend driven by tenants looking for lower rents and more space, said Brian Carberry, senior editor at Apartment Guide, a ad aggregation site.

In April, among 100 US markets, Las Vegas recorded the largest increase in average rent for one-bedroom apartments at $ 1,653, 44% more than the same month in 2020, according to the site. It was followed by Virginia Beach, Va., Where one-bedroom rents rose 32% to $ 1,603, and Mesa, Arizona, where they rose 25% to $ 1,268. .

Among the cities with the largest drops in average prices for one-bedroom apartments compared to the same month last year included San Francisco, down 19% to $ 3,137, Washington, DC, down 17% to $ 2,181, and New York, down 15% to $ 3,684.

“If you’ve always wanted to live in an expensive place, now is the time to go,” Mr. Carberry said.

But as deals persist, some homeowners are starting to pull back from these sweeteners.

“Prices are going up and concessions are going,” said Beatriz Moitinho, agent for Keller Williams NYC, noting that some buildings that once offered four or five months free on a 16-month lease in winter are now down. to one or two months free.

There has been particularly strong activity downtown, in neighborhoods like the East Village, Ms. Moitinho said, where incoming students – or their parents, more likely – are once again bidding for apartments at out of sight. Areas like the Upper East Side have been slower to rebound, but here, too, prices are rising.

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