The COVID-19 pandemic has upended the global real estate market, with buying, selling and leasing trends going up and down since restrictions began in early March of 2020. While there’s great optimism for a continued real estate boom in the U.S. and globally once vaccines are more distributed, the rental markets in many large cities still have an uncertain future. New data on rental prices in some of the most expensive neighborhoods in the world shows how landlords are dramatically dropping prices in order to lure people back to their apartments.
New data from UrbanDigs collected by Bloomberg shows the median monthly rental prices in Manhattan and Brooklyn have fallen by roughly $500-$700 dollars from their peak before the pandemic. While evidence suggests the low prices are leading to a rebound in rentals in New York City, there’s still uncertainty over how long it may take for people to flock back to Manhattan and Brooklyn.
Overall, those who are taking advantage of the low rent prices say they wouldn’t have been able to afford to live in certain neighborhoods pre-pandemic.