10 Long Undercut
LONG ISLAND CITY, QUEENS — Long Island City rents are dipping as landlords attempt to acquisition tenants during the coronavirus pandemic, and prices could accumulate bottomward for the blow of the year.
A StreetEasy assay of added than 700 Long Island City accommodation listings in May begin that about 21 percent were announcement discounts, compared to beneath than 10 percent at the aforementioned time aftermost year.
The admeasurement of the discounts signals that lower rents are on the horizon, according to StreetEasy economist Nancy Wu.
“The advance in rental discounts is a able adumbration that appeal for apartments in NYC is crumbling overall,” Wu wrote in the report. “Though they’ve been ascent for years, we could see NYC rents falling soon.”
The discounts didn’t administer to all types of apartments equally, though.
Studio apartments and units that hire for amid $2,000 and $5,000 are likeliest to see discounts, the address says.
Even so, renters should ask landlords about a amount cut alike back discounts aren’t advertised in the listing, accustomed that the alteration bazaar may accomplish them added accessible to negotiating, the advisers advised.
Patch editor Anna Quinn contributed to this report.
This commodity originally appeared on the Astoria-Long Island City Patch
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