NYC Rent Prices Are Finally Going Down

NYC Rent Prices Are Finally Going Down

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New York City rent prices are going down, at least for now. The median rent dropped 2.3% between September and October, and the national median decreased .07%.

Earlier this summer, rent-stabilized apartments in NYC saw the steepest increase in prices in over a decade, while market-rate apartments went through the roof.

New Yorkers have been slapped hard by rent increases, since real wage growth decreased by 9.1% due to inflation, while rent prices hiked 13.4%.

Although a 2.3% drop might seem minimal, it could be a sign of better things to come for the sky-high rental market.

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