Although rents have started to decline, inflation has increased the cost of just about everything else, from gasoline to groceries. It means the high cost of living in New York is driving the lowest wage earners out of the city.
"We are actually at a plateau — people are seeing it slow down," Frances Katzen, an associate broker at Douglas Elliman, said. "Landlords are now putting concessions in — one to two months' free rent, which we had not seen the whole of the summer."
Although rents have started to decline, inflation has increased the cost of just about everything else, from gasoline to groceries. It means the high cost of living in New York is driving the lowest wage earners out of the city. "We found that the workers earning typical wages in key industries, including transportation, health care and services," StreetEasy economist Kenny Lee said, "nearly 90% of the rental inventory this summer was out of reach on unless they spend more than half of their income just on rent.
He added that property owners could be more open to negotiating rents right now than in recent months.A recent survey by Openigloo found that most tenants are not thrilled with their apartment building.
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