New York is trying to get back to what it used to be before the COVID-19 pandemic in terms of real estate. But according to a recent StreetEasy Market Report, in the third quarter of 2021 lots of neighborhoods still have great deals and the median asking rent is still about $100 less than it used to be.
Manhattan is considered the most expensive borough to rent an apartment, but compared to two years ago there is still some difference. Gramercy Park has a $599 difference in Q3 2021 Median rent than Q3 2019. Greenwich Village still has a difference of $270. The Median Asking Rent in 2019 in Little Italy used to be $3,300 — now it is $2,850. The Lower East Side does not have a big differential; it appeared to be just $68 and West Harlem is still $200 less now than it was before Pandemic.
In spite of this, there were still places in the city which increased in prices, the highest “jump” appeared to be in the Financial District. The rise came up to $634. Flatiron now asks for rent more by $494.
Senior Communications Specialist Emily McDonald mentioned in the report that Brooklyn “has been hot all year” which means that even now prices are lower, but it won’t stay this way for a long time and data has shown that some neighborhoods already have a median price higher than it was before. Such as Downtown Brooklyn with a difference of $224; Greenpoint $100 and Williamsburg $85.
Best deals in Brooklyn would be in Boerum Hill with a difference of $538 and Cobble Hill with $525. Brooklyn Heights is still cheaper now by $289. And both Bay Ridge and Prospect Heights have a differential of $150.
Queens always had very affordable rentals. The only neighborhood which already has prices higher than pre-pandemic times is Long Island City with a median of $70. The biggest gap in price is in Ridgewood right now which came to $199. Right after one of the most famous neighborhoods of Queens, Astoria with a difference of $132. The least expensive neighborhood on the list is Elmhurst which still has lowered its price by $122, in Q3 2019, Median Rent was $1,975 and now it is $1,853. And both Jackson Heights and Sunnyside are cheaper by a hundred dollars.
It is in benefit for landlords to use the market recovery and some already try to raise their rent when they can. But NYC still has a huge variety of affordable living. Even now multiple listings on StreetEasy are listed lower than they used to be in 2019 or earlier years.
The prices have gone down in New York and now demand for living space is very high which leads the real estate market back up. StreetEasy economist Nancy Wu said “… with the demand we’re currently seeing, renters should always assume there is someone else vying for the same apartment. Use all the tools at your disposal to your advantage during the rental search to help save you time and money.”
To read the full report, visit streeteasy.com.
