In a Renter?s Market, Tenants Rush to Upgrade Their Neighborhoods
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It?s finally a renter?s market. But for how long" Fernando Urdapilleta always wanted to live on the Upper West Side of Manhattan but could never afford the rent ? that is, until now.
When his then landlord offered Urdapilleta a free month of rent if he renewed his existing lease in Lenox Hill, he sensed the market was finally shifting in his favor. Rather than take the deal, Urdapilleta looked for Upper West Side apartments and found a two-bedroom right off Central Park for almost $200 less than it rented for pre-pandemic. After negotiating, he got a month and a half of free rent.
?I saw a ton of great options, better than what I had and for less money,? he said. ?The place I moved to, there?s a ton of natural light and I?m right in front of the park, and that?s wonderful for me and my dog.? Urdapilleta?s dream apartment is part of a larger domino effect that?s playing out in the housing market. While the ?urban exodus? headlines are overblown, the shake-up began in March when a number of Manhattanites did leave the city, leading to a rise in vacant apartments and once-unthinkable rent drops. Since the real-estate market opened back up in June, people chasing deals are moving within New York City ? leaving new vacancies (and declining rents) behind them.
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