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Reinvention

New York’s Plunging Rents Are Luring Bargain Hunters to Their Dream City

In the wake of the Covid-19 pandemic, some people are discovering that it’s the perfect time to move in.

Claire smith in New York, on Sunday , Feb. 28.
Claire smith in New York, on Sunday , Feb. 28.Photographer: Amir Hamja/Bloomberg

The Covid-19 pandemic spurred many New York residents to move out of cramped apartments and into other places with lower taxes and warmer weather. Others were forced out after losing their jobs.

They left a city stripped of many of the cultural, entertainment and gastronomical perks that had long set it apart, leading to a record vacancy rate in New York apartments. Landlords scrambled to fill spaces, offering Covid “deals,” lowering prices, throwing in free parking or a few months’ rent.