New York City MSA Rents Fall YoY For First Time Since 1958 (And Ike!) Northern NJ And Long Island Too

Rents in the New York City metropolitan statistical area — which also encompasses northern New Jersey and Long Island — dropped in the 12 months through July for the first time since 1958, according to monthly data on consumer prices published Wednesday by the Labor Department. Before that, the series indicates rents in the region hadn’t fallen on a year-over-year basis since 1934. The figures underscore the historic nature of the pandemic and its impact on the U.S. economy.

On the other hand, New York City home prices are growing at a +15.3% YoY pace.

Apparently, in 1958 Americans liked Ike, but didn’t like living in New York City.