Exodus and Covid-19 generates collapse in demand
NEW YORK, Apr 23 (EFE) .— The price of rents in New York continued to plummet in the first quarter of 2021 due to the pandemic, which led to a significant exodus of residents from the city, and reached figures below those obtained in 2010
According to a report by Streeteasy, a real estate listing site, 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 drop of more than 20% from the first quarter of 2020, before the pandemic broke out, when the median rental price in that 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 , below $ 2,000 for the first time in eight years after falling 10.5%.
Recent figures show that New York’s price drop has been consistent since the second quarter of 2020, when the coronavirus began to spread in the entity, and when prices began to drop in Manhattan for the first time since 2010.
To attract potential tenants, 44% of landlords with rental spaces in the Manhattan area were willing to offer free months of rent, 22% more than last year, according to figures from the Streeteasy website.
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