Direxion Daily Real Estate Bear 3x (DRV)

[tw0122]

"Demand will remain low as new hires, interns and students begin jobs and school remotely, and as many New Yorkers escape the city temporarily or permanently," said StreetEasy economist Nancy Wu. "As inventory piles up due to this lack in demand, even more landlords will need to make rent cuts, and rents will likely drop even further."

The second quarter of 2020 marked the first time since the Great Recession that there was a year-over-year rent price drop in the metro.