In NYC, rents went way down, to the point where there was a sticker shock from people who moved to NY during Covid and were shocked when prices went back up a year or two later.
ok, I checked .. this article [0] says that rents in 2020 went back to 2011 prices.. new to me, so yes, I could write more carefully.. my mistake. Overall, I don't retract it.. rental prices are steeply greater now than 2020 AFAIK
NYC during covid was crazy. Buildings were offering 12 month leases with 4 months free. So when things normalized in 2021/22 people were facing 33% rent increases and then the pace of the increases basically never slowed down until this year.
Which makes sense if you look at demand. We went from people will never live in cities again at the height of covid, to things like revenge travel and everyone wanting to give big cities a try now that prices were briefly down.
Yeah I got 3 months free to stay in my tiny Gowanus apartment. It ended up saving us enough to get us over the line on a down payment on a house later. It was a really fortunate turn in an otherwise miserable year.
[0] https://www.curbed.com/2023/01/nyc-real-estate-covid-more-ap...