Now that everyone is beginning to see what is out there, owners will modify their prices. They’ll see what the numbers are, what the traffic is like, what the offers are.”In Queens, median rental prices in June were down 5.7 percent year over year, to $2,700 a month, according to Douglas Elliman. While lease signings are expected to pick up in July, that may not extend to all segments of the market. Prices are falling, concessions are rising, the amount of concessions are rising,” said Mr. Miller. In many ways, I think the rental market could be hit way bigger than the sales market.”For weekly email updates on residential real estate news, sign up here.

Source: New York Times July 09, 2020 03:56 UTC