A new report found that rent prices saw a steady decline in Manhattan over the last three months.
RentHop recently released their rental report for the second quarter of 2020. According to their findings, the median rent for a one-bedroom apartment in Manhattan fell 5% year-over-year. Some neighborhoods that saw the biggest drops in price were the Flatiron District, which dropped 10% year-over-year to $4,293; Lincoln Square, which saw a 9.2% drop to $3,812; and Bowery, which dropped 9.1% to $3,000.
RentHop attributes the drop in price to the lack of demand. Certain neighborhoods saw steep declines in year-over-year demand, such as Tribeca and Chelsea (both of which saw a 67% drop in demand) and Murray Hill (-72%).
As a result, renters started to venture out into the outer boroughs, particularly in Brooklyn in Queens, even though both boroughs had an 8% dip in terms of lead volume. Some neighborhoods, however, experienced growing demand, including Forest Hills (up 39.6%), Crown Heights (26.1%), and Astoria (10.5%).
According to the study, a private outdoor space has become the must-have amenity for those looking for an apartment, growing 59.3% year-over-year. RentHop cites the interest as being a result of COVID-19.
“According to our renter search data from April 17 to July 16, 25% of the searches involving private or common outdoor space, while only 14.6% of the searches included doorman and 11.2% gym,” the report reads. “While elevator remained one of the more popular features, the demand fell by 6.2% when adjusting to listing and lead volumes.”
Read the full report at renthop.com.