New York’s rental prices have 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 recorded in 2010.
According to a report by Streeteasy, a real estate listing portal, in Manhattan the median rent dropped to $ 2,700 a month in the first three months of this year, the lowest price the website has recorded since it began operating in 2010. since the majority of citizens who decided to leave the city resided in that area.
That number is a decrease of more than 20% from the first quarter of 2020, before the pandemic broke out, when the median rental price in that New York district was $ 3,417, $ 700 higher.
In the borough of Brooklyn, a more residential area than Manhattan, rents fell 10% from the same time last year to an average of $ 2,390, the lowest level since 2011, while prices in Queens fell to 1,999 dollars, down from $ 2,000 for the first time in eight years after falling 10.5%.
The latest figures show that New York’s price decline has been consistent since the second quarter of 2020, when the coronavirus began to spread in New York, and when prices began to decline 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 fell to $ 2,895 or 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 owners with rental spaces in Manhattan were willing to offer free months of rent, 22% more than last year, according to figures from Streeteasy.
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