Rental availabilities have increased nearly 3-fold in Manhattan since the start of the pandemic
In a typical year, July and August would be among the busiest real estate months as families get ready for school and students and professors head to college, on top of others moving to New York for business or pleasure. Even when the coronavirus pandemic shut the city down in March, many brokers and landlords still expected to return to some semblance of normality in the summer. That has not happened - CityRealty listings show over 15,050 available apartments in Manhattan, a leap up from the 11,769 apartments available last month.
Meanwhile, rents are dropping both in response to market conditions and to lure renters. CityRealty listings show that Manhattan average rents come in at $2,663/month for studios, $3,654/month for one-beds, $5,928/month for two-beds, and $9,961/month for three-beds. Rents have dropped since March 2020 (see below), and landlords are still embracing a variety of concessions to further entice renters while charging enough to pay property taxes and maintain services.
The priciest neighborhoods in New York largely bore the brunt of falling prices, as did the largest and highest-priced apartments. At the same time, while the number of listings increased in every Manhattan neighborhood, Harlem, Hamilton Heights, Washington Heights, and Roosevelt Island were the rare neighborhoods that saw their monthly rents climb. This, in addition to the relative stability of Brooklyn rents, is likely a reflection of offices remaining closed and the diminished necessity of living close to Manhattan's central business districts.
Meanwhile, rents are dropping both in response to market conditions and to lure renters. CityRealty listings show that Manhattan average rents come in at $2,663/month for studios, $3,654/month for one-beds, $5,928/month for two-beds, and $9,961/month for three-beds. Rents have dropped since March 2020 (see below), and landlords are still embracing a variety of concessions to further entice renters while charging enough to pay property taxes and maintain services.
The priciest neighborhoods in New York largely bore the brunt of falling prices, as did the largest and highest-priced apartments. At the same time, while the number of listings increased in every Manhattan neighborhood, Harlem, Hamilton Heights, Washington Heights, and Roosevelt Island were the rare neighborhoods that saw their monthly rents climb. This, in addition to the relative stability of Brooklyn rents, is likely a reflection of offices remaining closed and the diminished necessity of living close to Manhattan's central business districts.
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Listings
All images of 45 East 1st Street via The Corcoran Group
This apartment in a boutique condominium has recently been renovated, though not at the expense of the exposed brick walls and other prewar features. The building is on the cusp of the East Village and Lower East Side, and close to top restaurants and Whole Foods. See floor plan and full details here.
All images of 555W23 via Living R.E. Group
Junior one-bed in a full-service building near the High Line is flooded with light from floor-to-ceiling windows. The open kitchen boasts a breakfast bar, granite countertops, generous storage space, and stainless steel appliances. The queen-sized bedroom features pocket doors and a closet with built-in digital wall safe. See floor plan and full details here.
The Horizon, 415 East 37th Street, #10B – Murray Hill
$2,950/month | 1 Bed, 1 Bath | 770 ft2 | Condo
$2,950/month | 1 Bed, 1 Bath | 770 ft2 | Condo
The Horizon floor plan via Halstead
High-floor home in a centrally located building enjoys incredible natural light and unobstructed river views. Interiors feature newly refurbished hardwood floors, fresh paint, new light fixtures, newly polished marble bath, and excellent closet space. Two and a half floors of amenity space include a pool, sun deck, spa and steam rooms, meeting rooms, business center, library, lounges, fitness center, children's playroom, and on-site valet, dry cleaner, and seamstress. A video tour is available for this unit. See full details here.
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All images of Centro 505 via Compass
Sleek, centrally located apartment in an amenity-rich building boasts soaring ceilings, gleaming bamboo floors, and a wide expanse of windows facing south. The open Pullman kitchen features Italian cabinetry, marble countertops, and top-of-the-line appliances. The bedroom offers south exposure and a roomy reach-in closet. See floor plan and full details here.
The Parc Vendome, 353 West 56th Street, #6K – Midtown West
$2,700/month | 1 Bed, 1 Bath | 600 ft2 | Condo
$2,700/month | 1 Bed, 1 Bath | 600 ft2 | Condo
The Parc Vendome floor plan via Nest Seekers
Super-chic alcove studio features southern and eastern-facing windows, four large windows, designer built-ins, windowed kitchen, and an over-sized walk-in closet. Amenities at this doorman building include a formal garden, billiards room, media room, music room, library, and private dining room. Central Park, Columbus Circle, Lincoln Center, Hell's Kitchen restaurants, and public transportation are a short walk away. There is an option to rent the apartment furnished. See full details here.
All images of the Buckingham East via Halstead
Triplex apartment enjoys incredible natural light, generous storage space, and enclosed terrace with open views. Residential amenities include a bike room, laundry room, storage, and a roof deck. Central Park, Museum Mile, popular restaurants, gourmet supermarkets, and public transportation are a short walk from the building. See floor plan and full details here.
All images of Riverwalk Court via The Corcoran Group
Expansive apartment in a highly coveted Roosevelt Island condominium boasts high ceilings, floor-to-ceiling windows, hardwood floors, in-unit washer/dryer, generous closet space, and marble bath. The open chef's kitchen is finished with granite countertops and stainless steel appliances. Amenities at this doorman building include concierge service, a state-of-the-art fitness center, a children's playroom, and a rooftop terrace with river and skyline views. See floor plan and full details here.
The Columbia, 275 West 96th Street, #26C – Upper West Side
$2,995/month | 1 Bed, 1 Bath | 670 ft2 | Condo
$2,995/month | 1 Bed, 1 Bath | 670 ft2 | Condo
All images of The Columbia via Compass
One-bedroom apartment features hardwood floors, abundant closet space, pass-through kitchen, renovated bath, and spectacular views of the Manhattan skyline, George Washington Bridge, and Hudson River. It is in a full-service building with a swimming pool, gym, squash court, basketball court, game room, children's playroom, library, garage, and roof deck. Central Park, Riverside Park, Whole Foods, and the 96th Street subway stop are a short walk away. See floor plan and full details here.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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