Major Markets Experience Flat And Falling Rent Prices

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December 05, 2016

Apartments in New York City. Photo: Steve Parker/Creative Commons

Rent prices are still high in New York City, as a certain niche political party has famously pointed out, but the rates are leveling or dropping in the city and in others across the nation.

Citing data from Zumper, an apartment rental site, CNBC reports that many expensive markets experienced either flat prices or declines in rent. Boston, San Jose, Oakland, Chicago, and Washington D.C., are among the cities that have seen stagnant to falling prices over the last few months.

In New York, one bedroom prices have dropped 7 percent since last year, and two bedrooms rents have decreased 8 percent. Rents in San Francisco have fallen for five straight months, down nearly 5 percent compared to last year.

The report dovetails with the latest Douglas Elliman rental report for October, which showed New York City rent prices leveling off and inventory on the rise. During that month, Manhattan apartment rentals rose slightly as more apartments hit the market, but landlords were forced to offer concessions at a record rate, the survey noted.

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