NYC rent prices are already 6% down. Here are the largest price cuts

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April 16, 2020
is it time to find a home in nyc?

With the COVID-19 pandemic affecting the NYC real estate market, the lower rent prices in NYC can be a great opportunity for those looking for a new place.

NYC real estate and apartment spaces have always been in high demand. This demand along with the limited amount of housing spaces available has led to high rent prices. However, the spread of the Coronavirus has affected the usual prime Spring season for real estate.

This includes a cancellation of the majority of open houses during the month of March and the switch from traditional in-person showings to virtual home tours. Additionally, demand for housing has decreased as buyers are holding off on purchasing and are spending more time on researching properties online instead. Sellers are either not listing their properties or even pulling their listings due to worries about their homes’ market prices falling. 

The real estate market in NYC started off strong at the beginning of 2020 with high rental prices due to increasing housing demand and competition However, due to the lack of demand in the housing marketing currently, New York City rent prices have dropped for many listings.

Our Localize listings data shows that listings with the building class “condo/co-op,” for example, have dropped an average of 7.7% in prices and listings labeled as an “elevator building” dropped an average of 6.4%. This can be a great opportunity for those who are currently looking for a new place and can take advantage of the great prices. Even better, you can easily look up listings in NYC right from your home.

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The real estate market in NYC started off strong at the beginning of 2020 with increased sales compared to the year before, by mid-March, the number of signed contracts plummeted to only 90. This is a stark contrast to February where the highest number of monthly contracts signed was at its highest in the past three years and saw a 9.4% increase compared to the year before.

However, COVID-19 isn’t just affecting the buying sector of the real estate market, but also the rental side. Due to the lack of demand in the housing marketing currently, New York City rent prices have dropped for many listings. This can be a great opportunity for those who are currently looking for a new place and can take advantage of the great prices. Even better, you can easily look up listings in NYC right from your home.

Localize is a great resource for those looking for a New York City apartment for rent or even to buy. It analyzes each and every listing to provide those who are apartment hunting with the best insights. These insights include apartment data, such as how much natural light the space gets, if the space had had a price drop, is typical price, or is high price compared to other similar listings. It also provides building insights such as building violations, tenant complaints, elevator issues, amenities, and much more.

The platform’s neighborhood insights will give you data on available transportation, nearby construction, the crime rate of the area, and shops, restaurants, parks, and more within walking distance of the apartment building. These insights are the real truth about any home in New York City, so you don’t have to worry about any hidden downsides to a space you choose as your new home.

While the NYC real estate market is usually referred to as one whole unit, rent prices across the five boroughs have their own differences. According to our Localize listings data, after the COVID-19 lockdown on March 22nd, New York City rent prices have dropped on average by 6% across all rentals. However, Manhattan saw the largest price decline on average followed by Brooklyn, Queens, Bronx, and then Staten Island. The lower price movement already has affected 3% of all the listings currently on our site.

Manhattan

In Manhattan, the prices of rentals have dropped on average 6.40%, which is the highest price decline of all five boroughs that make up NYC. Chelsea, Kips Bay, and East Village neighborhoods currently have the biggest average price drop. West Village, Financial District, and Murray Hill neighborhoods are not too far behind. 

Manhattan is the most densely populated borough with about 72,033 people per square mile. The average rental price in 2019 was $4,210 with an average apartment size of 703 sq ft. Here are a few apartments for rent in Manhattan with the biggest price drops:

432 Park Avenue, #59C

Space: 2 beds, 2 baths, 3,700 sqft

Location: Midtown, Manhattan

Original price: $100,000

Price drop: 40%

Current price: $60,000

This Midtown Manhattan condo is available fully furnished and features beautiful skyline and Central Park views, a private elevator, gourmet kitchen, marble spa in the master bedroom, and much more. The building amenities include a garage, lounge, private restaurant, outdoor terrace, pool, library, spa, fitness center, and children’s playroom. The building the unit is located also has no violations, no recent building complaints, and no elevator issues.

According to Localize’s insights, the neighborhood the apartment is located has slightly below average crime rates and the nearby schools are very highly rated. Additionally, there 24 transit lines within walking distance and is in a bike-friendly area with 16 Citi Bike stations available. There are also plenty of restaurants, bars, coffee shops, shopping, entertainment, grocery stores, parks, and much more within walking distance.

the best apartments for rent in new york
32 Park Avenue, #59C

505 West 22 Street, #3W

Space: 1 bed

Location: Chelsea, Manhattan

Original price: $4,900.36

Price drop: 38.78%

Current price: $3,000

This apartment is in a prewar building located near Chelsea’s Highline that has been completely redesigned with the state of the art technology. It features bright natural light, oak wood floors, and in-unit washer/dryer and can be available fully furnished. There is also a virtual tour available for this space. The unit is located in a building with no violations, but has a few recent building complaints. However, there is a good chance these issues have already been resolved. Additionally, this space is located on the third floor but there is no elevator in the building.

The neighborhood has slightly below average crime rates, but is in a flood risk zone and hurricane evacuation zone. There is a construction site located near the building that is set to go on until 2023. The apartment is located near highly-rated schools and has good transportation nearby with 9 transit lines and is in a bike-friendly area with 14 Citi Bike stations within walking distance. There are also plenty of restaurants, cafes, and cultural, educational, and theatrical venues for you to enjoy. 

price drops real estate coronavirus
505 West 22 Street, #3W

Brooklyn

Brooklyn is the borough with the second highest price drop in rentals with an average of 5.20%. Out of all the listings with reduced prices, there are 124 listings in Brooklyn with a current price drop. Of the neighborhoods in Brooklyn, East Williamsburg, Brooklyn Heights, Williamsburg, and Park Slope currently have the biggest average price drop. The average rental price in 2019 was $2,936 with an average apartment size of 651 sq ft. Here are a few apartments for rent in Brooklyn with the biggest price drops:

673 Metropolitan Avenue, #1

Space: 3 beds, 2 baths, 2,200 sqft

Location: Williamsburg, Brooklyn

Original price: $6,200.06

Price drop: 27.42%

Current price: $4,500

This is a two-family home for rent and has no building violations or recent building complaints. It was recently renovated and has a private landscaped yard, large living room and dining area, and has stainless steel appliances. Even better, the listing is currently vacant and has a keyless entry for easy showing and has a low broker fee. 

According to Localize’s insights, there are 4 nearby construction sites with two set to end this year, one to finish in 2021, and the last one set to end in 2023. Additionally, the building is in a neighborhood with average crime rates, but sits along a truck route and has a dangerous intersection nearby. The building has good connectivity to most hubs with 8 transit lines within walking distance and is in a bike-friendly area with 18 Citi Bike stations nearby.

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673 Metropolitan Avenue, #1

2016 Regent Place, #3D

Space: 2 beds, 1 bath

Location: Flatbush, Brooklyn

Original price: $2,599

Price drop: 19.20%

Current price: $2,100

This apartment space has high ceilings, hardwood flooring, a large living room, and an open renovated kitchen with stainless steel appliances. The asking price is considered a low price with it being 16% lower than other similar listings on the market! There are no building violations, but there have been recent building complaints and from our insights, there is a good chance these issues could reoccur.

The neighborhood has no nearby construction within half a block and there are 8 available transit lines within walking distance. There are also bike-lanes available, but no Citi Bike stations. Additionally, the area the apartment is in has slightly above average crime rates. However, there are plenty of restaurants, shopping spaces, bars, playgrounds, and community gardens to enjoy within walking distance.

rent vs. buy nyc
2016 Regent Place, #3D

Queens

Queens currently has an average price drop of 5.10% of all rentals in this borough. There are 60 different listings with a lowered price and the neighborhoods Long Island City and Astoria currently have the biggest average price drop. The average rental price in 2019 for Queens was $2,412 with an average apartment size of 711 sq ft. Here are a few apartments for rent and to buy in Queens with the biggest price drops:

22-22 Jackson Avenue, #420

Space: 1 bed, 1 bath, 626 sqft

Location: Long Island City, Queens

Original price: $3,495.16

Price drop: 14.31%

Current price: $2,995

This apartment space features floor to ceiling Southern windows that have beautiful views, white oak flooring, high end kitchen, and Bosch appliances. There is also a virtual video tour available for this apartment so you can see how this space looks right from your home! While there are no building violations, there are a few tenant complaints, but according to our insights, there is a good chance the problem has already been resolved.

According to Localize’s insights, this apartment space is in a neighborhood with average crime rates, but is also in a flood risk zone and hurricane evacuation zone. The apartment space is also located near a train track which can cause potential loud noise and vibrations. There are also 9 nearby construction sites with a few set to finish in 2021, one set to end in 2022, and another set to end in 2023. The apartment building has good connectivity to all hubs with 13 transit lines within walking distance and has bike-lanes and 10 Citi Bike stations nearby.

the best listings to rent in new york city
22-22 Jackson Avenue, #420

82-62 Austin Street, #62R

Space: 2 beds, 1 bath

Location: Kew Gardens, Queens

Original price: $2,095.08

Price drop: 9.55%

Current price: $1,895

This condo in Queens features 10ft high ceilings, queen sized bedrooms, open kitchen with custom cabinetry, and new hardwood floors. The building the unit is located in is pet friendly and has no violations and no recent tenant complaints. Even better, this listing is considered a low price with its listing price 14% lower compared to other similar spaces!

According to Localize’s insights, the neighborhood has below average crime rates and the nearby school is highly-rated. Additionally, the  road the building is on was recently renovated. This means for the next year, the road is protected from disruptive road construction! However, the apartment building is located near train tracks which may potentially cause loud noise and disruptive vibrations. The condo also has poor connectivity to most hubs with 10 transit lines and although there are bike-lanes, there are no Citi Bike stations available.

renting in new york city
82-62 Austin Street, #62R

Bronx

In the Bronx, the prices of rentals have dropped on average 4.30% and there are currently 11 listings here with reduced prices. The median rental prices in 2019 for apartments in this borough was $1,875. Here are just a few apartments in Bronx with the biggest price drops:

1130 Stadium Avenue, #3D

Space: 1 bed, 1 bath, 850 sqft

Location: Country Club, Bronx

Original price: $1,800.04

Price drop: 2.78%

Current price: $1,750

This Bronx apartment features a king-sized bedroom with a terrance and partial river views, kitchen with full sized appliances, and plenty of closet space. However, this building currently has 14 open building violations and 9 recent complaints about heating or hot water, mold, sewage, and others. According to our insights, there is a good chance these issues could reoccur in the building. Asbestos was also reported at this address one year ago. However, if it was removed properly, it should not present any health problems. 

The neighborhood this apartment is located in has slightly below average crime rate and is in the hurricane evacuation zone. This means you may need to be evacuated during major storms. As for transportation, there are also only 3 bus lines available and although there are bike-lanes, there are no Citi Bike stations nearby. There are a few grocery stores, restaurants, and coffee shops within walking distance of the apartment.

should you rent in new york city
1130 Stadium Avenue, #3D

3640 Johnson Avenue, #6D

Space: 3 beds, 2 baths

Location: Riverdale, Bronx

Original price: $2,799.91

Price drop: 7.14%

Current price: $2,600

This apartment in Riverdale has a large living room, separate dining area, a king-sized master bathroom, and a private balcony. The kitchen also features counter space, new appliances, and new cabinetry. The building the apartment is located in has an elevator, laundry, and on-site super. This space’s asking listing is considered a low price and is 16% lower compared to other similar listings.

However, there have been recent tenant complaints with all of them being about heating or hot water and according to Localize’s insights, there is a good chance these issues could reoccur. There are also two nearby constructions with one expected to end in 2021 and the other in 2023. The neighborhood is located in an area with below average crime rates, but has poor connectivity to all hubs and has only 9 transit lines nearby and while there are bike-lanes, there are not Citi Bike stations available.

apartments rentals new york city
3640 Johnson Avenue, #6D

Despite the semi-frozen NYC real estate market due to the COVID-19 pandemic, there are plenty of options for those who are still apartment hunting or wanting to move once things start to return to normal. With these price drop listings as well as Localize’s insights, you can easily shop for a new space right from your home! Stay safe and happy apartment hunting from your home!

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