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New York City apartment rents have fallen below $3,000 for the first time since 2011. A new report from StreetEasy shows that median asking rent for apartments is $2,990 in the third quarter. Record high rent cuts during the pandemic have led to this decrease. On StreetEasy, 44.7% of apartment listings were discounted, a record for the website.

Manhattan was not the only market segment to see a decline in rents. During the third quarter, the Manhattan Rent Index fell 7.8% year-over-year, bringing the median asking rent in Q3 to $2,990; the Brooklyn Rent Index fell 2.5% year over year, bringing the median asking rent in Q3 to $2,599; and the Queens Rent Index fell 2.2% year-over-year, bringing the median asking rent in Q3 to $2,200.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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