The medial rental price in Manhattan fell an astonishing 22% in November, from the year prior, to $2,743 per month, according to Bloomberg. This marks the lowest media price for rent in the city since October of 2010.

The crash in prices isn't just a result of Covid-19 driving nervous citizens to the suburbs, but is also a result of an increase in shootings, disorder, closed businesses, barren streets and general lawlessness that Mayor De Blasio - like other politicians across the country - has helped usher in.

And experts won't know whether or not prices will stabilize until 2021. Jonathan Miller, president of Miller Samuel, said: “It’s still going to take a good part of 2021 to see prices stabilize. It’s really contingent on how quickly people begin to return to the office.”

During November, landlords offered move-in incentives on 57% of new deals and took an average of 5.6% off of rental prices, the report notes. This helped leases rise 30% to 4,015, which marked the largest total in 12 years of record keeping. But even this demand on the bid side wasn't enough to move the ceiling on rental prices.

The number of listings has more than doubled from last year to 15,130 and the vacancy rate remained at a record high of 6.14%, Bloomberg noted.


https://www.zerohedge.com/markets/ma...d-10-year-lows

Feels good having rental units in Chicago. 6.1 percent vacancy rate which makes it one of the top ten performing cities in the country.


Not even sure why people want to live here to be honest. Place is war zone with tons of shootings.

Absolute Fake News.

Can't imagine a worse place to spend quarantines. Thoughts and prayers nyccels

It's a chit show here

it's always overpriced .

its a renters market now

that's what they say every time something crashes lol just wait till everybody is going to default on their mortgage real soon.

lol if you didn't spend the past year savemaxxing on apartment rent

Its going to be interesting to see how that city recuperates.

Is that really where you want to start a small business, now that we know how they are treated in that area? If you were a restaurateur, who knows that restaurants are already an uphill battle for profits, would you want to start it in the quickest city to pull the carpet from underneath?

If you were a big corporation with offices in NYC, would you want to pay rent there when there's no reason to be there when everything is closed?

Lots of people, businesses, and organizations lost their faith in NYC for this. NYC has the advantage of already having the infrastructure of a massive city, so I think it will come back. I am next year around the summer time. It does feel like going back to a gf who cheated on you though.

nice so whats rent like now 3k? just lol at Manhattan rent prices srs. one of goat cities but cost of living is troll level.

Chicago is the murder capital of the united states. There's shootings all over. Why are you posting inaccurate information?


https://data.cityofchicago.org/Publi...-Map/dfnk-7re6


https://www.neighborhoodscout.com/il/chicago/crime



A lot of condos are sitting empty downtown because of BLM and crew.

its gonna take a minute.
for now its good for young artists and chit who dream of living in new york. get in now before yang fixes the city and prices start going up again srs.

I hate Chicago but you are the one posting non-sense. The South Side is where it is dangerous, North Side like the Loop and North is safe although you sometimes have crimes.

BLM is irrelevant, they did their job and will be back in 2024.

A vacancy rate of 6.14% isn't even high, strong paranoia and exaggeration.

I just posted crime maps of Chicago which shows murders, shootings, stabbings and robbery all over Chicago.

Very cheap for president xi

Thank you!

I take it you don't actually know how to read/look at stats. Because that's literally years worth of data. What happened in BLM due to election year doesn't reflect how it normally is.

6% vacancy is usually considered a balanced rental market. Historically it seems that's not really that far off NYC's typical rate.

"Six months into the year, 329 people have been killed in Chicago, an increase of about 34% from the 246 homicides during the same period last year, according to police. Shootings in that period rose by about 42%, from 978 in 2019 to 1384 in 2020."

Even before BLM it was bad.

You'd also probably try to argue Detroit is an amazing city.