NYC: NYC rents are in free fall, now reaching record lows

It took a pandemic to soften the city’s notoriously high rents.

As many New Yorkers receive the COVID-19 vaccine and resume their normal lives, the rental market remains in the pits, according to the first quarter market report from listings portal StreetEasy, which found that city rents continue their free fall to record lows.

In Manhattan, for instance, median rents dipped to a brand-new low of $2,700 per month, marking the borough’s cheapest housing price recorded on StreetEasy since the site began tallying in 2010. That figure marks a significant year-over-year drop. By comparison, in the first quarter of 2020, and in the days right before New York’s COVID-19 outbreak, the median asking rent was more than $700 higher at $3,417 per month.

In Brooklyn, median rents slipped 10% year-over-year to $2,390 — its lowest level since 2011. Queens saw its prices slip to $1,999, the first time they’ve slid below $2,000 in eight years. That borough’s rents are down 10.5% year-over-year.


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