While rents have declined in many areas of the country during the pandemic, low-income renters haven't necessarily benefited.
In its February market report, Zillow said the more-expensive metro submarkets softened the most, providing little respite for renters in lower-priced areas. In fact, Zillow found rents remained "stubbornly high in more-affordable areas."
In New York, rents in wealthier neighborhoods dropped 11.6%, while they actually rose 1.8% in 1.8% in the least-expensive areas.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
