Things sure were different in the world a year ago. We had a (kinda) functional government, the soda ban was a thing, and the Pirates were bad at baseball. And while it wasn’t cheap to live here, it was at least cheaper. Ten percent cheaper, in fact, as a new rent report from Douglas Elliman real estate has found the median rent here has jumped 10% since last September to $2800. Is there good news? Well, only that it’s cheaper than August’s $2850/month median rent. So…yay?
That $50 per month price drop isn’t the only good news to be found in the entire report, but those kind of small drops are about the only thing to take solace in. Studios fell in price from $2001/month to $1970/month and 3-bedroom apartments fell from $4048/month to $3846/month. 1-bedroom and 2 bedroom apartments actually got more expensive, jumping up to $2722/month and $3400/month respectively. Also something to note is that apartments are staying on the market for 33 days at most, which is a record low. So if you see an apartment you like, grab it and hold tight and never let go, because someone else is invariably waiting in the wings to take it from you.
We guess that this is as good as much of a cooldown as we’re going to get, at least until de Blasio’s New York has those gangs of Soviet commandants wandering the streets “redistributing” people’s apartments. Man, we cannot wait for that.