Manhattan Is Once Again (somewhat) More Affordable For Its Inhabitants

Logan McDonald has rented apartments in Brooklyn and Queens, but this April will be his first time living in Manhattan. And the reason for that is that you can finally pay a rent with your partner there. “Due to the pandemic, prices are finally at the level of something we can afford,” he says.

McDonald explains that what he likes best about his new apartment is that it is very close to Central Park, where he loves to go to take photos, and that this luxury will only cost him $ 50 more a month, compared to what he paid to live in Astoria. Plus, you already know that in 2022 your rent will only go up about $ 50 more.

RELATED

PJR does not want to give his full name since the owner of his new building asked him not to tell the rest of the neighbors how much he paid for rent. She moved to the West Village neighborhood, one of the most expensive in the city and where actresses like Sarah Jessica Parker live.

For a flat with two bedrooms -one of them very small- and a spacious living room, PJR pays $ 1,850 a month (about 1,500 euros). The same apartment was rented in July 2018 for $ 3,200 (almost 2,700 euros), and in August 2020, for 3,000 (2,500 euros). Before moving to the heart of Manhattan, PJR paid $ 1,200 for a room for two in a shared apartment in Brooklyn.

As indicated in an email to elDiario.es, the real estate ads website StreetEasy, one of the most prominent in the city, its data for February indicate that compared to last year, prices in Manhattan decreased by 16.5%, up to $ 2,738 on average, that is, about 2,300 euros and the lowest price since March 2010. The neighborhoods where prices fell the most are Midtown (the center, especially offices), 14.2% , and Upper East Side (residential neighborhood next to Central Park), with a fall of 13.1%. On the island, rental inventory was up 122% compared to February 2020.

The price drop is also seen in other parts of New York City. In Brooklyn, rental prices were down 9.4% to $ 2,467 on average, compared to a year ago, and rental inventory was up 102%. While in Queens the rent fell by 9.6%, and in this part of New York the rent register increased by 78%.

The reason behind this price drop is the large number of apartments available. The pandemic has caused many people to leave New York, either because they could no longer afford to live in this expensive city or because telecommuting gave them the flexibility to move to other parts of the country. While the pace of new listings available has slowed compared to its peak in the fall, a large number of homes are still available.

“The administration of COVID-19 vaccines and many great rental offers will be the catalyst for many to return to the city, but we still have a long way to go before New York returns to normal. Until this happens, the Inventory of available apartments will remain high and tenants will continue to enjoy offers that were unheard of a year ago, “explains economist Nancy Wu in a study by StreetEasy.

When it comes to home purchases, a report published this Tuesday indicates that 70.7% more homes were bought in Manhattan than compared to February 2020. However, the index price of sales fell by 5%, with an average price being slightly less than 1 , 4 million dollars (1.1 million euros). In Brooklyn, the price index fell 5.5%, but in Queens, prices were unchanged compared to February 2020.

READ MORE WAB NEWS

YOU MAY ALSO LIKE

Leave a Reply

Your email address will not be published. Required fields are marked *

76 + = 78