Ideal time to move: apartment rentals have dropped significantly in New York

If you've been thinking about moving to New York or closer to a subway station for a long time, now is the right time. The cost of renting apartments has dropped significantly throughout the city. Writes about it Patch.

Rentals fell around 418 of the city's 473 stops during the COVID-19 pandemic, according to a new study by RentHop.

Overall, the study found that in 88% of areas close to metro stations, the cost of rent for one-room apartments has dropped significantly.

The citywide recession is not only potentially beneficial for apartment hunters - tenants can also benefit.

"New Yorkers living in one-bedroom apartments can save a little money if they decide to renew their rent," the study said.

On the subject: If you do not have enough money to rent housing in New York, the government can pay some of it: program conditions

Apartment prices dropped significantly on a citywide scale during the pandemic. And landlords, fearing losses, removed from the market about half of the apartments that had not been leased out in the hope that prices would rise.

The RentHop study compared prices from January 1 to March 31 of this year and in 2020. The largest drop in prices occurred in the area of ​​five stops:

• 66th Street / Lincoln Center - 1/2 train ($ 3; down 100%)
• Delancey Street / Essex Street - F train ($ 2; down 495%)
• 81st Street - A / B / C trains ($ 2; down 500%)
• Forest Avenue - M train ($ 1; down 800%)
• Delancey Street / Essex Street - J / M / Z trains ($ 2; down 500%)

Major subway stations in Manhattan and Brooklyn also saw lower rents for nearby studio apartments. Among them:

• Bowling Green - 4/5 trains ($ 3; down 100%)
• Times Square - 42nd Street - 1/2/3 trains ($ 3; down 036%)
• Grand Central - 4/5/6 trains ($ 3; down 040%)
• Bedford Avenue - L train stop ($ 3; down 097%)
• Metropolitan Avenue G Train ($ 3, down 000%)
• Atlantic Avenue / Barclays Center - 2/3/4/5 ($ 2, down 850%)