Rentals in New York: in which areas housing prices fell the most

Rental prices in Manhattan have dropped 24% since the coronavirus pandemic began in March. The market is now slowly recovering and rents have increased slightly. However, it is still far from the pre-crisis level of prices. The edition writes about it 6sqft.

New data from real estate agency CityRealty shows which areas of New York are still experiencing the effects of the quarantine and the overall financial impact of the pandemic crisis.

The Manhattan neighborhoods that saw the largest rental price drops between March and September include the Upper East Side, South Fifth Avenue from 59th to 79th Streets, and Noho, according to the report.

In Noho, rental prices fell by about 49% from March to September. At Park Avenue, 5th Avenue and Upper East Side, prices fell 43% over the same time period.

District data

Beekman / Sutton Place:

• the average cost of monthly rental housing as of September 2020 - $ 4;
• change from March 2020 - no data.

Manhattan-North Brooklyn-LIC Overall:

• the average cost of rental housing as of September 2020 - $ 4;
• change from March 2020 - no data.

noho:

• the average cost of rental housing as of September 2020 - $ 9
• change from March 2020 - price decreased by 49%.

Park / Fifth Ave. to 79th St:

• the average cost of rental housing as of September 2020 - $ 16;
• change from March 2020 - price decreased by 43%.

Carnegie Hill:

• the average cost of rental housing as of September 2020 - $ 6;
• change from March 2020 - price decreased by 37%.

Morningside Heights:

• the average cost of rental housing as of September 2020 - $ 3;
• change from March 2020 - price decreased by 30%.

Riverside Dr./West End Ave .:

• the average cost of rental housing as of September 2020 - $ 5;
• change from March 2020 - price decreased by 27%.

soho:

• the average cost of rental housing as of September 2020 - $ 8;
• change from March 2020 - price decreased by 24%.

Manhattan

• the average cost of rental housing as of September 2020 - $ 5;
• change from March 2020 - price decreased by 24%.

Gramercy Park:

• the average cost of rental housing as of September 2020 - $ 4;
• change from March 2020 - price decreased by 23%.

It is important to note that the average rent in both areas is significantly higher than in most other areas of the city. At the same time, the average monthly rent recorded this month in Noho is about $ 9, and on the Upper East Side - $ 285. According to CityRealty, the average rent in Manhattan in September is approximately $ 16 per month.

While the numbers point to a recovery in the property market, with 55 percent rent increases this month on Park Avenue and 5th Avenue, it's still a long way from the pre-crisis period. The average rent in this area - $ 16 per month - remains 179% lower than the average rent in this area - $ 43 per month six months ago.

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Other areas in the city where prices fell significantly from March to September include Carnegie Hill, which fell 37%, Morningside Heights, 30%, and Riverside Drive / West. End Avenue (Riverside Drive / West End Avenue) - up 27%. Again, prices rose in all of these areas in September, but still fall short of pre-pandemic prices.

CityRealty also found a growing Manhattan listing that climbed nearly 200%. Overall, New York City's inventory reached its highest level in 14 years, according to Miller Samuel's Real Estate Appraisers Report. The number of rentals advertisements in Manhattan jumped from 5645 in August 2019 to 15 in August 025, according to the report.

Since the start of the pandemic, the vacancy rate in New York has skyrocketed. Landlords tend to blame it not on the pandemic, but rather on the restrictions imposed by state rental law, which has put landlords at a disadvantage. You can learn more about this. in this publication.