New York rental prices plummet after pandemic

The New York rental prices has continued to plummet in the first quarter of 2021 as a result of the pandemic, which led to a significant exodus of residents from the city, and has reached figures below those registered in 2010

According to a report by Streeteasy, a real estate listing portal, in Manhattan the average rent dropped to $ 2,700 a month in the first three months of this year, the lowest price registered by the website since it began operating in 2010, since the majority of citizens who decided to leave the city resided in that area.

That amount represents a decrease of more than 20% from the first quarter of 2020, before the pandemic broke out, when the average rental price in that dNew York district was $ 3,417, $ 700 higher.

In the district of Brooklyn, a more residential area than Manhattan, rents dropped 10% from the same dates last year to an average of $ 2,390, the lowest level since 2011, while prices of Queens dropped to $ 1,999, below $ 2,000 for the first time in eight years after dropping 10.5%.

The latest figures show that New York price drop has been consistent since the second quarter of 2020, when the coronavirus began to spread in New York, and when prices began to drop in Manhattan for the first time since 2010.

Among the areas of Manhattan, the largest decrease was in the Midtown neighborhood, considered one of the financial centers of the Big Apple, where rents dropped to $ 2,895 or a 14.8 %While in second place was the Upper East Side, a residential area of ​​preference for the wealthiest, where they fell to $ 2,400 or 13.9%.

To attract tenants, 44% of landlords with spaces for rent in Manhattan They were willing to offer free months of rent, 22% more than last year, according to figures from Streeteasy.

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