Here’s how Covid-19 is affecting New York rent prices:
Rent prices are falling in much of New York City as residents continue to grapple with the COVID-19 pandemic. In Manhattan, the vacancy rate on rental units is now the highest in more than a decade, at nearly 4%, which is further fueling the decline.
The median net rent price in Manhattan dropped 6.6% in June over the prior year, to $3,242 per month, according to a new report by Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants. Meanwhile, inventory soared nearly 85% to record highs. A similar trajectory is playing out in Queens, where the median effective rent dropped 8.2%, to $2,560.
“What we’ve got is a barely functional market,” says Jonathan Miller, CEO of Miller Samuel. Prior to June 22, real estate agents were barred from showing listings in person, making it difficult for landlords to find renters, and also discouraging residents from signing new leases.
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