New York Rent Prices Are Dropping

Parts of New York City are showing a major trend in rent prices dropping according to Street Easy. The trend is showing rent prices are down compared to the 2018 rates in neighborhoods across the boroughs.

77% of apartments listed in East Harlem are down in rent prices compared to 2018. In Midtown it's 55%, Midtown East 48%, and Gramercy Park 47%. In Brooklyn apartments are being re-listed at a lower price as well. 61% of Bushwick apartments are lower in price compared to, Williamsburg at 69% and Greenpoint at 57%. In Queens, 59% of Ridgewood apartments are on the market for a lower price. Nancy Wu of Street Easy says "With all of this inventory on the market now is a really good time to negotiate." She continued to CBS New York saying that a lot of Brooklyn's real estate dropped in price due to people believing the L train was going to shut down therefore causing a lot of people to move out.

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