The pandemic is reshaping New York City’s rental market, at least for the time being, however not all neighborhoods are feeling the same impact. Demand plunged for rentals in expensive Manhattan neighborhoods in the second quarter, but only dipped slightly in Brooklyn and Queens. In some outer borough areas, demand spiked.
Those are the findings of a new rental report from RentHop, which analyzed rental listings and search data. The site found that in pricier neighborhoods, the drop in searches was pronounced: Murray Hill (-72 percent), Chelsea (-67 percent), and Tribeca (-67 percent).
“The weak demand will likely continue as the pandemic remains a threat [and] companies extend their remote-working policies,” the report says.
Both Brooklyn and Queens saw an overall, year-over-year 8 percent dip in searches. However, neighborhoods farther from Manhattan experienced growing demand, such as Forest Hills (40 percent), Crown Heights (26 percent), and Astoria (10 percent).
Renters are also looking for different amenities. The report found that 25 percent of searches were for private or common outdoor space, while only 14.6 percent included a doorman and 11.2 percent a gym. An elevator remained one of the more popular features, but demand fell by 6.2 percent.
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