NYC Areas Hit Hardest By Coronavirus Under Rent Strain: Study

NEW YORK CITY — A one-two punch of years of rising rents followed by a sudden surge of COVID-19 infection clobbered many New York City neighborhoods, according to a new study.

The study — "A Tale of Two NYCs: Neighborhoods Most Burdened by Rent Were Hit Hardest by COVID-19" — by StreetEasy details yet again how the pandemic hit low-income or minority New Yorkers hardest.

Neighborhoods hit the hardest by the coronavirus first saw their rents increase by 22 percent over the past six years, the study states. Those with the fewest cases, largely in Manhattan, had only a 10 percent rent increase over the same years.

And the disparities don't end there.

"Since this spring, rents in these areas have continued to grow — while those in the neighborhoods least impacted by COVID-19 have started to decline," the study states.

It's actually a relatively good time to look for an apartment in a wealthy Manhattan neighborhood like the Financial District or Midtown. Not only have coronavirus rates been low, but rental inventory has increased 65 percent and rents have also dipped 1.9 percent, according to the study.

Rent is still pricey in the Financial District — typically $3,500 — but, as the study points out, those Manhattan apartment shoppers are less likely to face housing insecurity.

The situation is worse for a renter a place like Jackson Heights, which had one of the highest coronavirus infection rates in the city. Its typical rent of $1,800 is already more likely to be a stretch for a resident — now, rents in high-coronavirus areas like it have continued to rise by 0.3 percent, according to the study.

Read the full study here.