NYC Rent Declines Surpass Those of the Great Recession
Manhattan rents dropped 12.7% year over year in November, returning to 2010 price levels
December 16, 2020
NEW YORK, Dec. 16, 2020 /PRNewswire/ — New York City rents have fallen more this year than they did during the Great Recession, according to StreetEasy’s November 2020 Market Reports.
Driven by the Covid-19 pandemic, Manhattan rents dropped the most out of the three boroughs analyzed — falling a whopping 12.7% year over yeari. In November 2020, the median asking rent in Manhattan reached a 10-year low of $2,800. During the Great Recession, Manhattan rents decreased by about 10%.
In Brooklyn, rents dropped 6.3% year over year, and the median asking rent was $2,400. After the 2008 financial crisis, rents in Brooklyn fell by around 5%.
