The cost of renting housing in major cities is falling: how much you can now live in New York

In the United States, rents rose slightly in August compared to previous years, but they continue to decline in some large metropolitan areas. Writes about it Fox Business.

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According to the latest data, rents nationwide last month rose 0,1% and prices were about 0,3% higher than in the same period last year.

The researchers noted that, as a rule, during this time of the year there is a stronger increase in rents. If we analyze the last six years, then the growth in prices for rented housing from March to August usually ranged from 1,2% to 2,5%. Thus, the growth rate this year is unusually low.

However, in some large and expensive housing markets, rents continue to decline. In San Francisco, apartment prices have fallen 4,7% since March, the largest decline among major cities. However, the average rent for a two-bedroom apartment is still high at $2 as of August. Rents have fallen 956% in the past month.

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New York City has seen the second-largest decline in rental prices, down 3,9% since the start of the pandemic, followed by San Jose, California, and Miami, Florida, down 2,8% and 2,4%, respectively.

In August alone, rents in New York fell 1,1%.

“The fact that we are seeing rent declines during what is typically a peak period for rental activity reflects the financial pressures and shifting preferences caused by the pandemic,” the researchers wrote.

Both New York and San Francisco are facing a tenant shortage due to the pandemic.

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In San Francisco, teleworking in high tech has given workers more opportunities to live in cheaper neighborhoods. Many big tech companies such as Twitter and Facebook, for example, are at the forefront of expanding remote work opportunities.

In New York, a severe outbreak of coronavirus in the early spring, combined with the ability to work remotely, has pushed residents to seek temporary or permanent housing in nearby suburbs, and in some cases in other states altogether.

Overall, the researchers said the sluggishness of the US real estate market was due to the difficult situation in the healthcare industry.

In addition, the pandemic's widespread economic impact on the US workforce and American families has played a role in changing rental rates.

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