UWS Neighborhood Sees Rent Prices Drop During Pandemic: Study
UPPER WEST SIDE, NY — The coronavirus pandemic has had a significant impact on all elements of life on the Upper West Side of Manhattan, and the neighborhood's housing market is no exception.
The median one-bedroom rental price on the Upper West Side has decreased by 7.7 percent for the second quarter of 2020 compared to the same period of time in 2019, according to a recent report from the New York City real estate website RentHop.
RentHop defines the second quarter of 2020 as April 17 to July 16 of this year.
The median one-bedroom rent on the Upper West Side now sits at $3,000, according to RentHop.
"The coronavirus pandemic has had severe impacts on the New York City housing market," authors of the study wrote in a release. "Many neighborhoods across the five boroughs experienced price reduction due to reduced demand."
The Flatiron District saw the most considerable decrease of any New York City neighborhood in its year-over-year price for a one-bedroom rent, according to the study. The Manhattan neighborhoods of Lincoln Square, Bowery, Chelsea, and Lenox Hill rounded out the top five most significant decreases.
RentHop calculated the median one-bedroom rental rate for each neighborhood by analyzing all listings created on its website between April 17 and July 16 of 2020.
You can read the full report on RentHop's website.
This article originally appeared on the Upper West Side Patch
