MANHATTAN – Rent prices are plummeting across New York City, and the Upper East Side is no exception— with rent prices sinking even further in 2021 to a whopping 27% percent less than last year— and to a median of $2400 a month, according to a new report from real estate website StreetEasy.
The decline is so dramatic in Upper East Side rent prices, that it stands among some of the biggest rent drops year-to-year. StreetEasy says a major reason for this is that there’s actually way too many properties available for rent— in Manhattan, the surplus is twice as many as least year.
Beyond the UES, rent prices are falling all over Manhattan and Streeteasy says they haven’t been this low in years— sitting at an average of 15% less than they were a year ago– with a median rent of $2750.
