New York: Despite the declining trend in apartment prices in New York City, rising apartment prices compounded the hardships for the inflation-hit tenants.
While the demand for apartments in New York City appears to be decreasing, their prices have also increased in recent months.
Apartment leases rose 2% in November compared to October, significantly higher than last year.
Tenants don’t expect rents to drop in Manhattan until inflation slows.
Mortgages accounted for 12.8% of all home loan applications in the week ending Oct. 14, according to the Mortgage Bankers Association.
At the start of the year, mortgages represented just 3.1% of all mortgage applications.
The average rate on a 30-year fixed-rate mortgage was 3.22%, up from 7% last month.