Photo by BB and HH.
Landlords have been offering discounts on the Upper West Side, and one section of the neighborhood is seeing the highest number of selling-price decreases of any part of the city, according to two recent reports.
Real estate listing site realtyhop analyzed selling trends throughout the city, and found that the Upper West Side had a particularly large number of price drops this month as compared to other parts of the city. In Lincoln Square, the southern part of the neighborhood, there were 47 price drops, the most in the city. The median size of the drop was 4.9%, or $80,000.
In the rest of the Upper West Side, there were 26 price drops with a median drop of 4.9%, or $50,000.
The absolute number of drops is below pre-Covid levels, likely because fewer homes have been on the market this Spring given the difficulty of selling them amid a pandemic. In November of last year, for instance, there were 150 price drops on the Upper West Side (the section outside of Lincoln Square).
As for rentals, discounts are becoming much more frequent all over the city, according to Streeteasy. That could lead to rent declines in the coming months, according to the Streeteasy analysis.
“The monthly cost of an apartment in NYC has reached record highs in recent years. It even ticked up slightly this May, rising 0.7% in Manhattan, 3.7% in Brooklyn, and 2.3% in Queens. However, this uptick accompanied far more dramatic increases in rent cuts: Fully 24% of NYC rentals received a discount in May, compared to 14.9% at the same time last year. And the size of the discount rose, too, from 4.8% of the median asking rent last year to 7.9% this May.”
In Manhattan, 26.8% of rentals included a discount as of May 2020, versus 14.9% as of May 2019. On the Upper West Side, 32.7% of rentals included a discount.