Rents Falling, Vacancies Spiking: The NYC Rental Market Is Shifting

The rental market is triggering metrics not seen since the depths of the Great Recession, according to a new report on the state of the rental market in three New York City boroughs.

1 minute read

October 27, 2020, 5:00 AM PDT

By James Brasuell @CasualBrasuell


New York Apartments

Ryan DeBerardinis / Shutterstock

"A record-high share of rent cuts contributed to a Manhattan median asking rent of $2,990 in the third quarter of 2020 — the first time this figure has been below $3,000 in nine years," reports Emily McDonald.

McDonald is sharing data from StreetEasy’s Q3 2020 Market Reports. The data includes several metrics that tell the story of a suddenly shifting rental market in the nation's most populous, and famously expensive, city.

"The share of Manhattan rental listings on StreetEasy that was discounted during the third quarter rose 22.7 percentage points year over year to a record high of 44.7%, " explain McDonald. "Meanwhile, rental inventory in Manhattan increased by 69.8%, with 72,267 listings available during the quarter — nearly 30,000 more than last year."

Among the other metrics from the report with no recent precedent is the decline of rent in all three boroughs analyzed in the report—Manhattan, Brooklyn, and Queens.

StreetEasy Economist Nancy Wu is quoted in the article saying "Renters are no longer willing to pay the commute premium of living in Manhattan when they do not need to commute to an office five days a week."

A lot more data from the report are available in the source article, including specific attention to each of three boroughs analyzed in the report and a long list of neighborhood-level data.

Friday, October 23, 2020 in StreetEasy

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Use Code 25for25 at checkout for 25% off an annual plan!

Redlining map of Oakland and Berkeley.

Rethinking Redlining

For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.

May 15, 2025 - Alan Mallach

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

May 14, 2025 - Diana Ionescu

Front of Walmart store with sign.

Walmart Announces Nationwide EV Charging Network

The company plans to install electric car chargers at most of its stores by 2030.

May 7, 2025 - Inc.

Regeneration of contaminated industrial land used for waste dumping, West Midlands, UK, 2006 .

EPA Awards $267 Million to Clean Up and Reuse Contaminated Sites

The EPA is investing the funds to clean up and redevelop contaminated sites nationwide, supporting economic growth, community revitalization, and environmental restoration.

1 hour ago - Environmental Protection

Archway made of bikes in Knoxville, Tennessee over Tennessee River.

Knoxville Dedicates $1M to New Greenway

The proposed greenway would run along North Broadway and connect to 125 miles of existing trails.

3 hours ago - WATE

25mph speed limit sign with digital "Your Speed" sign below it.

Philadelphia Launches ‘Speed Slots’ Traffic Calming Pilot

The project focuses on a 1.4-mile stretch of Lincoln Drive where cars frequently drive above the posted speed limit.

5 hours ago - WHYY