The Current State of NYC’s Rental Market & Where It’s Headed (Part 3 of 5)
Comparing Pre-Covid, Covid and Current Apartment Rental Price Data: Midtown & Uptown Manhattan
In this portion of the article, we will be covering the average monthly apartment rents across Midtown and Uptown Manhattan in the month of October from 2019-2022. It’s a lot of data, so we decided to use Bar Graphs to efficiently portray how neighborhood prices have changed before, during and after peak COVID. There is a brief description of the data for each neighborhood above the graphs. Whether or not a building has a doorman affects the rent significantly so to make it easier to see the difference, we separate the data from doorman and non-doorman apartment options. Please click on each portion of the graphs to get the exact figures. Please call us at 212-444-2787 for any questions!
Murray Hill
Apartments in Midtown are typically more affordable than similar apartments you’d find downtown, and Murray Hill is generally known for being a younger, more affordable area. Since peak Covid though, prices in Murray Hill have seen a significant increase. Murray Hill doorman apartments can now cost you upwards of $2050/person while nondoorman options can cost you upwards of $1800/person.
During Covid, demand for apartments was low, and prices fell $1000 across the board in Murray Hill, which is on line with the average drop marketwide. The prices for nondoorman options dropped by ~$1100 which was slightly above than average. Since early 2021, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise significantly to record levels, although the pace has slowed in recent months. Murray Hill apartments are currently more expensive than apartments in Midtown West and on the Upper East Side.
Doorman
Nondoorman
Midtown East
Again, apartments in Midtown are typically more affordable than similar apartments you’d find downtown. Prices in Midtown East are usually comparable to prices in Murray Hill, with doorman apartments costing you upwards of $2000/person while nondoorman options can cost you upwards of $1800/person.
During Covid, prices fell $1000 in Midtown East, which was on line with the average. The prices for nondoorman options also dropped by ~$1050 which was slightly above average. In 2021, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise significantly to record levels, although the pace has slowed in recent months. Midtown East apartments are currently more expensive than apartments in Midtown West and on the Upper East Side, although nondoorman options can be found at around $1750/person.
Doorman
Nondoorman
Midtown West
Midtown West is generally considered to be the most affordable neighborhoods below 100th st, with doorman apartments costing you upwards of $2000/person while nondoorman options can cost you upwards of $1600/person.
During Covid, prices fell $1100 in Midtown West, which was above the average. The prices for nondoorman options also dropped by ~$1060 which was slightly above average. In 2021, average apartment prices rose to pre-Covid levels, and in 2022, the prices have continued to rise significantly to record levels, although the pace has slowed in recent months. Midtown West apartments are currently some of the cheapest below 100th st in Manhattan, and are comparable to the Upper East Side.
Doorman
Nondoorman
Uptown
Upper East Side
The Upper East side is also considered to be one of the most affordable neighborhoods below 100th st, with doorman apartments costing you upwards of $2000/person while nondoorman options can cost you upwards of $1600/person. It is important to note that there is a wide range of prices here, with some apartments being well below the average and others being above it.
During Covid, prices fell $1200 in Upper East Side, which was a larger drop than average. The prices for nondoorman options also dropped by ~$1100 which was slightly above average. In 2021, average apartment prices rose to pre-Covid levels, and in 2022, the prices have continued to rise significantly, although the pace has slowed.
Doorman
Nondoorman
Central Park, NYC
Upper West Side
The Upper West Side has a good amount of affordable apartments sprinkled in with other super expensive options. Doorman options can cost you upwards of $2500/person while nondoorman options can cost you upwards of $1800/person. It is important to note that like the Upper East Side, The Upper West Side has a wide range of prices, with some apartments being well below the average and others being above it.
During Covid, prices fell $950 in Upper West Side, which was less than the average drop marketwide. The prices for nondoorman options dropped by ~$1025 which was slightly above average. In 2021, average apartment prices rose to pre-Covid levels, and in 2022, the prices have continued to rise significantly, reaching record highs in mid-2022, although the pace has slowed.
Doorman
Nondoorman
Harlem
Harlem is an up and coming neighborhood with a proud history and affordable apartment prices. Doorman apartments can be found at less than $2000/person while nondoorman options can cost you $1300/person or more. It is important to note that the higher uptown you go, the cheaper the apartments get.
During Covid, prices fell $1200 in Harlem, which was a larger drop than average. The prices for nondoorman options also dropped by ~$1000 which was on line with the average. In 2022, average apartment prices rose to pre-Covid levels and continued to rise significantly, although late 2022, the pace has slowed.
Doorman
Nondoorman
Conclusion
During peak 2020, uncertainty led to the lowest NYC apartment rental prices in over 10 years. With NYC opening back up in 2021, apartment prices shot up across the board and continued to rise to all time highs in 2022. In Part 4 of this series, we will be covering how Covid affected apartment rental prices in Brooklyn. Then, in Part 5, we will be giving our expert opinion on what the future holds for the NYC rental market. Will the market ever slow down? Check back next week for Part 4!
Spanish Harlem, NYC
