At the height of the coronavirus pandemic, residents left New York City in such droves that some wondered if this meant the end of urban living. However, between encouraging vaccination rates, a return to in-person work and learning, and the resumption of popular cultural events, reports of the city's demise turned out to be greatly exaggerated - not only did many of the departed residents return, but others who had long wanted to move to New York City took the plunge.
Amidst the pandemic, New York City vacancies jumped to a point that rents plunged to levels not seen in years. Those hoping for a similar bargain amidst the Omicron variant may be disappointed - a recent report cited by Crain's New York Business found that rents in Manhattan and Queens are surpassing pre-pandemic levels for the first time. Additionally, the number of apartments with concessions fell 53.5% from December 2020 to 25.5% in December 2021.
CityRealty listings show only 4,947 publicly listed units for rent in core areas of New York City (as opposed to 17,358 availabilities at this time last year), and that the Manhattan median rent comes in at $4,323/month, ranging from $3,136/month for studios to $6,000/month for three-bedrooms. Over the past week, only 71 publicly listed rental units experienced price cuts; the majority of the price changes from the past week reflected rising rents. A full, sortable chart may be found below.
Amidst the pandemic, New York City vacancies jumped to a point that rents plunged to levels not seen in years. Those hoping for a similar bargain amidst the Omicron variant may be disappointed - a recent report cited by Crain's New York Business found that rents in Manhattan and Queens are surpassing pre-pandemic levels for the first time. Additionally, the number of apartments with concessions fell 53.5% from December 2020 to 25.5% in December 2021.
CityRealty listings show only 4,947 publicly listed units for rent in core areas of New York City (as opposed to 17,358 availabilities at this time last year), and that the Manhattan median rent comes in at $4,323/month, ranging from $3,136/month for studios to $6,000/month for three-bedrooms. Over the past week, only 71 publicly listed rental units experienced price cuts; the majority of the price changes from the past week reflected rising rents. A full, sortable chart may be found below.
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