Additional Coronavirus Covid-19 Edition

Data Updated As Of April 2020                        



Will Rent Go Down In NYC Due To The Coronavirus? 


Rent prices in NYC have not yet gone down meaningfully based on March and April listings data.  


The number one question on every NYC renters' mind during this time is 'will rental prices go down in NYC due to the Coronavirus'?  Renters who are looking to move to a new place or negotiating their lease renewals are scouring the web for any signs of a 'good deal' for their next apartment.  We hate to be the bearer of bad news for those renters waiting for the signs but unfortunately, based on rental data for March 2020 and April 2020, rental prices have not meaningfully gone down as hoped due to Covid-19.  There was a dip in rental prices in March but then a slight uptick in April bringing prices back to pre Coronavirus levels.  Prices have stayed relatively flat.  However, the data is showing an increased inventory level at the luxury rental market which means there is a higher possibility of price drops or rental concessions in the coming months if those inventory levels continue to increase over the next few months. 


Transparentcity Average Rent in NYC Figures


Figures are calculated based on aggregated listings data acquired directly from NYC management company websites.  Listings data only includes management company market-rate apartment availabilities and does not include broker listings.  If you are in the market to rent an apartment in NYC and want to rent directly from management companies to save on fees, go to Transparentcity for a full list of no-fee apartment buildings.  


Average Rent In NYC By Neighborhood


Downtown Manhattan (South of 14th Street)


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  • The average rent for a Studio apartment in Downtown Manhattan is $3,510

  • The average rent for a 1 Bedroom apartment in Downtown Manhattan is $4,501

  • The average rent for a 2 Bedroom apartment in Downtown Manhattan is $5,633


Midtown Manhattan (14th Street to 59th Street)


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  • The average rent for a Studio apartment in Midtown Manhattan is $3,343

  • The average rent for a 1 Bedroom apartment in Midtown Manhattan is $4,320

  • The average rent for a 2 Bedroom apartment in Midtown Manhattan is $6,073


Upper East Side (East 60th Street to East 96th Street)


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  • The average rent for a Studio apartment in the Upper East Side is $2,675

  • The average rent for a 1 Bedroom apartment in the Upper East Side is $3,559

  • The average rent for a 2 Bedroom apartment in the Upper East Side is $6,118



Upper West Side (West 60th Street to West 110th Street)


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  • The average rent for a Studio apartment in the Upper West Side is $2,992

  • The average rent for a 1 Bedroom apartment in the Upper West Side is $3,970

  • The average rent for a 2 Bedroom apartment in the Upper West Side is $5,717


Upper Manhattan (North of East 96th and North of West 110th Street)


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  • The average rent for a Studio apartment in Upper Manhattan is $2,340

  • The average rent for a 1 Bedroom apartment in Upper Manhattan is $3,070

  • The average rent for a 2 Bedroom apartment in Upper Manhattan is $4,219


Average Rent In NYC By Neighborhood And Building Type


Within each Region, Average Rent in NYC by neighborhood is then grouped by Building Types, which fit into 3 categories:



  1. Luxury Doorman Elevator

  2. Elevator

  3. Walk Up


Downtown Manhattan (South of 14th Street)


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  • The average rent for a 1 Bedroom apartment in a Luxury Doorman Elevator building in Downtown Manhattan is $4,748

  • The average rent for a 1 Bedroom apartment in an Elevator building in Downtown Manhattan is $4,578

  • The average rent for a 1 Bedroom apartment in a Walk Up building in Downtown Manhattan is $3,373


Midtown Manhattan (14th Street to 59th Street)


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  • The average rent for a 1 Bedroom apartment in a Luxury Doorman Elevator building in Midtown Manhattan is $4,370

  • The average rent for a 1 Bedroom apartment in an Elevator building in Midtown Manhattan is $3,706

  • The average rent for a 1 Bedroom apartment in a Walk Up building in Midtown Manhattan is $3,082



Upper East Side(East 60th Street to East 96th Street)


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  • The average rent for a 1 Bedroom apartment in a Luxury Doorman Elevator building in the Upper East Side is $4,110

  • The average rent for a 1 Bedroom apartment in an Elevator building in the Upper East Side is $3,223

  • The average rent for a 1 Bedroom apartment in a Walk Up building in the Upper East Side is $2,632


Upper West Side (West 60th Street to West 110th Street)


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  • The average rent for a 1 Bedroom apartment in a Luxury Doorman Elevator building in the Upper West Side is $4,002

  • The average rent for a 1 Bedroom apartment in an Elevator building in the Upper West Side is $3,061

  • The average rent for a 1 Bedroom apartment in a Walk Up building in the Upper West Side is $2,899


Upper Manhattan (North of East 96th and North of West 110th Street)


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  • The average rent for a 1 Bedroom apartment in a Luxury Doorman Elevator building in Upper Manhattan is $3,697

  • The average rent for a 1 Bedroom apartment in an Elevator building in Upper Manhattan is $2,177

  • The average rent for a 1 Bedroom apartment in a Walk Up building in Upper Manhattan is $2,048


Notable Average Rent In NYC Statistics


The average rent prices for market-rate walk up apartments are well below the overall city average which in effect paints a different picture on NYC rent affordability.  However, the supply of walk up apartments is very low relative to luxury apartments.  There is roughly a 7:1 listings ratio of Doorman Elevator apartments to Walk Up apartments at any given time.  Days on market for walk up apartments are under 2 weeks which shows how high in demand they are and how quickly apartments move at lower price points.  Looking for one of these hidden gems?  Here is an active list of Walk Up Apartments for rent.  


The vast majority of apartment availabilities in NYC are in Luxury Doorman Elevator buildings.  This is why the overall average rent prices in NYC are skewed much higher.  Do you have the budget and want to live in one of these really nice apartment buildings?  Here is an active list of Luxury Doorman Elevator buildings for rent.  You'll have plenty of options to choose from.