The recent spike in Covid cases is not driving rents back down to the lows seen during the city’s initial Covid wave. Rather, rents in Manhattan and Queens are surpassing prepandemic levels for the first time.
Manhattan’s net effective median rent hit $3,392 in December, while the net effective median rent in northwest Queens was $2,715, both up from where they were in December 2019, according to the latest Douglas Elliman report. In Brooklyn, the net effective median rent remained below prepandemic levels, at $2,747 for December.
This was also the highest the net effective median rent in Manhattan has ever been for the month of December
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