Housing prices are finally beginning to fall— but that's not necessarily translating into much of a break for renters, at least in some parts of the country.
the most expensive in the nation, with one-bedroom prices near $3,700, even though residents abandoned the city in droves during COVID-19.After a brief influx of new residents in 2021, last year saw more people leaving than coming in, and most of the city’s five boroughs haven’t rebounded from the pandemic.
“It’s not looking good for renters out there,” Lior Rachmany, CEO and Founder of New York's Dumbo Moving, tells Axios. “Nobody is buying right now,” given that mortgage rates remain elevated, and simply aren’t appealing to buyers on a budget. For a professional couple making $100,000-$150,000 per year, “Atlanta or Florida is a lot more appealing, and there are more jobs there,” Rachmany said. “You still see young professionals moving into the city from other cities like Chicago and the Bay Area, but people are still leaving” New York.
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