NYC rents and home prices continue to fall with no end in sight
New York City rents and home prices both dropped at their fastest annual pace on record in January, signaling that the city’s real estate market is still declining sharply, according to the January 2021 StreetEasy Market Reports.
Asking Rents Haven’t Been This Low in Years
Rents in all boroughs analyzed fell at the fastest year-over-year pace on record, dropping 15.5% in Manhattan and 8.6% in both Brooklyn and Queens. The median asking rent in Manhattan was $2,750 — the lowest it’s been since March 2010. In Brooklyn, the median asking rent in January was $2,395, and in Queens, it was $2,000.