• Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
Cartographeum
No Result
View All Result

Manhattan Rents Drop To 10-Year Lows

Tomi Mccarthy by Tomi Mccarthy
December 16, 2020
Home Real Estate
Share on FacebookShare on Twitter

Rents fell the most in Midtown Manhattan.
getty
New York City rents have fallen farther this year than they did during the Great Recession, according to a report released today by real estate listings site StreetEasy. 
Manhattan rents fell 12.7%, compared to dropping 10% around the recession that started in 2008, with the median asking rent reaching a 10-year low of $2,800 in November.
Outer borough rents also fell, dropping 6.3% in Brooklyn and 5.7% in Queens year over year, which also set records. After the 2008 financial crisis, rents in Brooklyn fell by around 5% and rents in Queens remained fairly stable. 
The median asking rent is $2,400 in Brooklyn and $2,100 in Queens.
The fall is propelled by a rental inventory in New York City that’s more than double that of last year, with an overall increase of 37,000 rentals. 

“We expected the rental market to match the weakness seen during the Great Recession, but the fact that the market has surpassed that level in less than one year shows how serious the crisis caused by the pandemic has been,” said StreetEasy Economist Nancy Wu in a statement.
The COVID-19 pandemic caused the decline, though it’s not clear how long it will take to recover.

“The rollout of COVID-19 vaccines and plenty of great rental deals will be the catalyst for many to return to the city, but we’re still a long way from the city’s return to normal,” Wu said. “Until that happens, inventory will remain high and renters will continue to enjoy deals that were unheard of a year ago.”
As it did for the buyer’s market, Midtown Manhattan saw the steepest discounts, with 30.7% of landlords discounting the monthly rent on their units, an increase of 8.4% points over last year.
Brooklyn rents dropped most in the in the most expensive neighborhoods. For example, the median asking rent in Northwest Brooklyn, the borough’s most expensive submarket, was $2,800, down more than 5% from last year and the lowest it’s been in eight years, according to the report.

Tags: BrooklynCOVID-19Great RecessionManhattannew york cityqueensrent
Tomi Mccarthy

Tomi Mccarthy

Next Post
Covid Inspires Wellness-Designed Virtual Showcase Home

Covid Inspires Wellness-Designed Virtual Showcase Home

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Maruti Suzuki CEO reiterates demand for GST rate cut on automobiles

Maruti Suzuki CEO reiterates demand for GST rate cut on automobiles

September 4, 2020
First plane for the exclusive use of VVIPs lands in Delhi

First plane for the exclusive use of VVIPs lands in Delhi

October 1, 2020

Trending.

Brookfield to buy 18% of RMZ’s assets for $2 billion

Brookfield to buy 18% of RMZ’s assets for $2 billion

October 19, 2020
Navigating Online Marketplaces? 12 Tips For Real Estate Newbies

Navigating Online Marketplaces? 12 Tips For Real Estate Newbies

January 13, 2021
Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

November 1, 2020
Cooperative NAFED floats bids for supply of 15,000 tonnes of imported red onions by Nov 20

Cooperative NAFED floats bids for supply of 15,000 tonnes of imported red onions by Nov 20

October 31, 2020
NPPA caps price of liquid medical oxygen, medical oxygen cylinders

NPPA caps price of liquid medical oxygen, medical oxygen cylinders

September 26, 2020

Cartographeum brings you the latest information about Tech,Real Estate & Business.

Follow Us

Categories

  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
  • Uncategorized

Tags

Amazon Apple Watch 2 Best iPhone 7 deals Bombay stock exchange BSE Business Buying Guides china closing trade coronavirus COVID-19 currency dollar rate economy Finance Ministry foreign exchange forex gold india indian economy Indian stock market Industry iOS 10 lockdown luxury homes market and exchange markets nifty Nirmala Sitharaman NSE oil pandemic Playstation 4 Pro rbi real estate Reserve Bank of India rupee rupee rate Rupee value rupee vs dollar sensex Sillicon Valley stock exchange Stocks USD

Recent News

Water-View Homes For $4 Million In Hong Kong, Switzerland And Uruguay

Water-View Homes For $4 Million In Hong Kong, Switzerland And Uruguay

January 25, 2021
Four Options To Finance A Real Estate Investment

Four Options To Finance A Real Estate Investment

January 25, 2021
  • Privacy Policy
  • About Us
  • Contact Us

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Review
  • Computers
  • Gear

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.