As we approach the six-month mark of the pandemic, the wealthiest neighborhoods in Manhattan are emptying out as young professionals — some newly unemployed, others working remotely — break their leases to move home or to second homes, triggering substantial drops in rents (and home prices).
Brooklyn rents have proven much more resilient than rents in Manhattan and Queens. Median rents in July in Brooklyn as a whole were unchanged compared to a year ago, while median rents in Manhattan dropped 7.6 percent, and median rents in Queens — home to a large population of the city's lower-income residents — dropped a whopping 14.2 percent.
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As we approach the six-month mark of the pandemic, the wealthiest neighborhoods in Manhattan are emptying out as young professionals — some newly unemployed, others working remotely — break their leases to move home or to second homes, triggering substantial drops in rents (and home prices). Brooklyn rents have [...]
