I am broker in Brooklyn who does a fair amount of apartment rentals. Prices are down about 10% to 15%. Which is a lot but still not even close to getting rental apartments affordable. Even if prices drop another 10% prices will be too high. At $1500 for a 1 bedroom the writer has a very good deal. The best thing to do if one lives in New York City (assuming you are not super rich) is to leave.