These New York neighborhoods still have relatively good rental deals

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Even rents in famous Upper East Side and Upper West Side neighborhoods have not fully recovered from the Covid-19 pandemic, according to StreetEasy. The median asking rent on the Upper East Side was $ 2,600 in the third quarter, down from $ 2,950 in the third quarter of 2019, and it was $ 3,200 in the Upper West Side, up from $ 3,400 ago. two years.

New Yorkers looking for a home in the Outer Boroughs can always find a good deal. Although rents in Greenpoint, Williamsburg and some other Brooklyn neighborhoods have exceeded pre-pandemic levels, they are still falling in other parts of the borough. At Boerum Hill, they fell $ 538 from the third quarter of 2019 to $ 2,850, and at Cobble Hill, they fell from $ 525 to $ 3,075, according to StreetEasy.

Queens also has several relative bargains, including in its most expensive submarket: the Northwest. Although the median asking rent in Long Island City increased by $ 70 between 2019 and this year, from $ 3,275 to $ 3,345, the median price in Astoria fell by $ 132 during the same period, from $ 2,307 to $ 2,175, according to StreetEasy. Other areas in Queens that have remained fairly affordable include Sunnyside, where rent went from $ 2,000 to $ 1,900, and Ridgewood, where rent went from $ 2,699 to $ 2,500.

Admittedly, the drop in rents did not affect the whole city. Median asking prices increased by $ 634 in the Financial District, from $ 3,771 to $ 4,405, for example, and increased by $ 224 in downtown Brooklyn, from $ 3,576 to $ 3,800 , according to StreetEasy.

“Interest in life in New York City is stronger than ever, and highly mobile tenants who can afford the most expensive neighborhoods are doing everything possible to secure a lease in the neighborhood of their choice,” said the StreetEasy economist Nancy Wu. “Strong demand for these areas is pushing up rental prices and will continue to do so until winter, when fewer tenants typically enter the market.”

“Those on a lower budget shouldn’t be dissuaded from looking at this time,” Wu added, “even amid rumors that the market is busier than ever”.


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