An epidemic occurred to soften the city’s notoriously high rents.
As many New Yorkers acquire the COVID-19 vaccine and resume their normal lives, the rental market remains in the pits, according to First quarter market report From the listing portal StreetEasy, which found that city rents continue to record declines.
For example, in Manhattan, average rents have sunk to a new low of $ 2,700 dollars per month, marking the cheapest housing price recorded on StreetVerse since the site began tallying in 2010 . This figure is a significant year-over-year decline. By comparison, average rent in the first quarter of 2020, and just before the outbreak of New York’s COVID-19, averaged $ 700 to $ 3,417 per month.
In Brooklyn, medieval rents slipped 10% year-over-year to $ 2,390 – its lowest level since 2011. Queens saw its prices up to $ 1,999, the first time they had slipped below $ 2,000 in eight years. Borough rents declined by 10.5% year-on-year.
These reports in StreetEasy do not include the Bronx and Staten Island.
The latest figures show that downward trends have persisted since the second quarter of 2020 or the early days of the epidemic in these parts. That quarter last year saw Manhattan rents fall for the first time since 2010, with New Yorkers leaving the city due to a decrease in demand for all apartments.
After that, median Manhattan rent was $ 3,300.
Matters only faltered in the third quarter of 2020, when the same figure fell below $ 2,990 – $ 3,000 for the first time since 2011.
While this is bad news for city zamindars, locals may strike some deals on the hunt for a new rental apartment. Midtown saw the largest drop in medieval rents at $ 2,895. This is 14.8% lower than the same quarter last year. A close second: the Upper East Side, which slipped 13.9% year-over-year to $ 2,400.
In prime North Brooklyn, a home to trendy Williamsburg and Greenpoint, renters can get an average price of $ 2,500 for a one-bedroom unit – the region’s lowest in more than 10 years. And in Northwest Queens, Borough’s priceless submarket – including Long Island City, Astoria and Sunnyside – rents slipped 9% year-over-year to reach $ 1,800.
In an attempt to woo tenants, the city zamindars are throwing in some serious extras. In Manhattan, more than 44% of landlords offered at least one month of free rental concessions on a 12-month lease – 22 percentage points year-over-year and the highest amount that StreetAssay ever recorded. In Brooklyn and Queens, 25.4% and 26.6% of landlords, respectively, also made concessions – a record high share for both Boroughs. StreetEasy economist Nancy Wu is watching tenants make their comeback when we can begin to see the market as heat.
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