NYC Rents Decreasing? Apparently Not.

Via the NY Observer: Although vacancies are up in many neighborhoods over this period last year, the Observer writes that rents are decreasing only slightly, if at all. The reason? In spite of lay-offs in some industries and the climate of economic malaise, more people are putting off their first home purchases until they feel more confident in the sales market. And basically, more people keep arriving in New York and they need to live somewhere. Nonetheless, in some areas of town rents are falling. For example, they’re down 9% in Chelsea. Full article here.


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Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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