New York City sees slight decrease
in rental prices amid COVID-19 pandemic
BY EMILY DAVENPORT
A recent report found that New York City
rents saw a slight decrease during the
month of June.
Zumper recently released their July National
Rent Report, which takes a look at how the pandemic
is affecting rent prices for one-bedroom and
two-bedroom units across the country. According
to their fi ndings, national one and two-bedroom
median rents saw upticks as more people have
started moving again: one-bedroom rent grew 1%
to $1,229, while two-bedrooms increased 0.8% to
$1,485.
New York City is the second-highest rents last
month, with $2,890 for a one-bedroom apartment
and $3,210 for a two-bedroom. Despite being high
up on the list, the price for one-bedrooms was down
2% and two-bedrooms were down 0.3%. Yearover
year, prices for two-bedroom apartments in
New York City are down 5%, according to Zumper.
As the pandemic continues, Zumper says that
the demand for rentals has continued to shift away
from pricey areas and a signifi cant amount of that
demand seems to be moving toward neighboring
and less expensive areas.
Read the full report at zumper.com.
PHOTO VIA GETTY IMAGES
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