Report: Manhattan Rent Drops Below $3,000 For 1st Time Since 2011

NEW YORK (CBSNewYork) — The coronavirus pandemic continues to affect the Manhattan real estate market.

According to StreetEasy, the median rent has fallen below $3,000. That is the lowest price since 2011.

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The third quarter of 2020 also marked the first time since 2010 that Manhattan, Brooklyn and Queens all recorded year-over-year rent declines.

StreetEasy says renters are no longer willing to pay the so-called “commute premium” of living in Manhattan, because so many people are working from home.

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