Across the country, rents are tumbling.
Sales have surged in the New York suburbs, and prices with them. But Manhattan apartments are the cheapest they’ve been since 2013. The number of listings have tripled from a year ago while the median rent has dropped 11 percent, according to Bloomberg.
Expensive cities have taken the biggest hit. In San Francisco, the median monthly rent for a studio has plunged 31 percent in a year to $2,285 in September. Nationally, that decline is just 0.5 percent.
“Maybe the drop in prices will bring a more equitable distribution in housing,” M. Christine Boyer, a professor of urbanism at Princeton University, told Bloomberg.
The United States isn’t the only country to see declines during the pandemic. In Toronto, rents were down 14.5 percent in the third quarter from the same period last year. In some of London’s wealthiest areas, rents were down 8.1 percent in the year through September, the steepest drop in more than a decade. The same is true in Singapore, where rents are 17 percent lower than their peak in 2013.
[Bloomberg] — Sasha Jones