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.
READ MORE: Gov. Cuomo Says He Will Not Resign Amid Sexual Harassment Allegations: 'I Never Touched Anyone Inappropriately'MORE FROM CBS NEW YORK
READ MORE: Road To Reopening: New York City Arts And Entertainment Venues Allowed To Reopen At 33% Capacity Beginning April 2- Stimulus Package Update: While Politicians Negotiate, Economic Damage Continues
- At Least 3 Dead After Night Of Gun Violence In New York City; NYPD Reports 94% Increase In Shootings
- Former Employee Of Yonkers Forever 21 Accused Of Recording Female Customers In Dressing Rooms
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.
MORE NEWS: Caught On Camera: Asian Man Brutally Beaten At Lower East Side Subway StationYou can get the latest news, sports and weather on our brand new CBS New York app. Download here.