As companies have allowed their employees to work from home during the pandemic, many workers are deciding to leave high-cost metros for less expensive cities.
According to a November rent report, New York rents have declined 2.8% over the past month, and have decreased sharply by 17% in comparison to the same time last year. Comparable cities nationwide show more affordable rents compared to New York
The latest data from the National Multifamily Housing Council shows that nearly half of respondents believe market conditions are looser than three months ago.