New York’s Plunging Rents Are Luring Bargain Hunters to Their Dream City

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  • Bloomberg Quicktake: Now published this video item, entitled “New York’s Plunging Rents Are Luring Bargain Hunters to Their Dream City” – below is their description.

    In the wake of the Covid-19 pandemic, some people are discovering that it’s the perfect time to move in.

    The Covid-19 pandemic spurred many New York residents to move out of cramped apartments and into other places with lower taxes and warmer weather. Others were forced out after losing their jobs.

    They left a city stripped of many of the cultural, entertainment and gastronomical perks that had long set it apart, leading to a record vacancy rate in New York apartments. Landlords scrambled to fill spaces, offering Covid “deals,” lowering prices, throwing in free parking or a few months’ rent.

    All that has created the perfect opportunity for others to move into the city of their dreams, and lock in rents that have reached the lowest level in a decade.

    “I’ve always kind of envisioned my 20s here,” said Claire Smith, who moved to Manhattan from Los Angeles in November. “I don’t think realistically we would have been able to afford it had there not been a wave of everyone leaving the city.”

    Smith, a 24-year-old blogger and freelance social media manager, had just quit her job in Los Angeles. With the two-year lease on her apartment near West Hollywood coming up for renewal, Smith noticed that rents were getting noticeably lower for apartments on New York real-estate listings website StreetEasy.

    She got one month free on a newly renovated two-bedroom at West 10th Street and Bleecker Street that was available for $3,500. Her share of the rent on the fourth-floor walk-up is $1,675.

    “I’ve been loving living here,” she said. “I still feel the excitement of the city and am really working on building my own personal brand. New York has helped with that.”

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