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.”