Thursday, September 10, 2020

Rents go up at COVID-19's epicenter neighborhoods


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.”


Anonymous said...

Living in the epicenter is hip apparently. Covid chic.

Anonymous said...

LoL- is a drop of 1.9% really a drop? This is a non-event. So your Manhattan apt now rents for $3,920 instead of $4,000. Gimme a break. Call it a drop when it comes down 10-15% or more. They would rather hoard empty apartments than lower the price. That's why streeteasy now has 15,000 rental listings. But it's startin' to look like the fat lady will sing soon.

Anonymous said...

1.9% is not a drop; it's a rounding error.

Anonymous said...

The rich and the hipsters leave at the first sign of trouble. Thanks a lot, now the rest of us suffer under the mayor you guys voted for, while you get to leave the mess you made behind.