Manhattan

Average Manhattan rent falls below $3,000 for the first time since 2011 and median house prices sink beneath $1million

PHOTO: Movers in Union Square on September 29. There has been a mass exodus of New Yorkers since March

The median rent of an apartment in Manhattan has fallen below $3,000 for the first time since 2011 in yet another sign of the devastating impact of the COVID-19 pandemic.

The average rent for an apartment in Manhattan is now $2,990 – the lowest in nearly a decade. and a decrease of 7.8 percent since last year.

In Brooklyn, average rent dropped to $2,599 and in Queens, it is down to $2,200.

House prices are also falling – the median price in New York City is now $665,000 and in Manhattan it is $980,000.

The new data, revealed by StreetEasy and Property Shark, reflect how the market has tumbled since thousands fled in March.

Many have abandoned the city altogether, foregoing their security deposits in rented apartments and reneging on their leases.

The state has issued a moratorium making it illegal for any tenants, whether they are residential or commercial, to be evicted.