NYC Landlords Slash Prices on Third of Rentals as Newyorkers Flee

from Zero Hedge

More than one-third of New York rentals were discounted during the second quarter as demand continues to slump thanks to the economic effects of the COVID-19 pandemic – including the flood of workers telecommuting instead of vying for limited rental space downtown.

According to Fox Business, rent prices were discounted an average of 6.7% ($221 per month) across 34.7% of New York properties in Q2 – with rents at higher-end apartments experiencing the highest cuts “as wealthy buyers have flocked to the suburbs since March.”

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