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Manhattan Apartments Haven’t Been This Cheap to Rent in 10 Years

  • Landlords are offering concessions in bid to stem vacancies
  • New York’s costliest borough has taken a hit in pandemic
Inside The WeWork Inc. Communal Housing Project
Photographer: Caitlin Ochs/Bloomberg

Apartments in Manhattan haven’t been this cheap to rent in 10 years.

The median rental price plummeted 22% in November from a year earlier to $2,743 a month, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That’s the lowest in data going back to October 2010.