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THE CITY
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.”
4 comments:
Living in the epicenter is hip apparently. Covid chic.
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.
1.9% is not a drop; it's a rounding error.
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.
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