In a city where renters routinely pay thousands of dollars every year to live in a veritable shoebox with barely enough room to swing a cat, there are real and potential long-lasting signs of change.
Rents are falling all over the city and for the first time in years, it’s become a renters’ market. It used to be possible to let out pretty much any kind of apartment in New York at an outlandish price, particularly on the island of Manhattan, such has always been the demand for space. Now, apartments are languishing vacant for months and renters are finally finding what New Yorkers would consider deals.
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