Rents in New York decreased 2.8% month-over-month in October, and are down by 15.3% since the start of the pandemic in March, according to the November 2020 New York Rent Report from Apartment List.
Since the pandemic began, New York has had the second-fastest decline among the nation's 50 largest cities. Compared to October 2019, rents are down 17.0%.
Right now, median rents are $1,619 for a one-bedroom apartment and $1,703 for a two-bedroom apartment in New York. After rents increased last December, they have fallen ten straight months. The city's year-over-year rent growth lags the state average of -7.0%, as well as the national average of -1.4%.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
