In some parts of the city, rents have dropped since the COVID-19 crisis began. But for neighborhoods that felt the effects of the coronavirus most, listed prices have risen slightly, according to a new analysis.
The annual rental report by the apartment-listings site StreetEasy paints a very different price picture between the neighborhoods with the lowest coronavirus infection rates — primarily wealthier neighborhoods in Manhattan and Brooklyn — and the hardest-hit areas, mostly in Queens and The Bronx.
Between February and July of this year, rents fell by 1.9% in the zip codes with the lowest COVID-19 rates in the city, like Battery Park City, Greenwich Village and Tribeca, according to the report, comprised of market-rate listing data.
However, in the neighborhoods with the highest rates of COVID-19, per city health department data — East Elmhurst, Corona and Jackson Heights topped the list — advertised rents have climbed a bit in the same time period, rising 0.3%.
The findings contradict the claim that there’s an “exodus out of the city,” said Nancy Wu, an economist at StreetEasy.
“That’s specific to Manhattan, and a lot of these Manhattan-esque neighborhoods,” she said. Elsewhere in the city, “it’s a very different picture.”