Watch CBS News

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.

MORE FROM CBS NEW YORK

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.

You can get the latest news, sports and weather on our brand new CBS New York app. Download here.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.