Upper West Side Home Prices Continue To Drop In 2021: Study

UPPER WEST SIDE, NY — Renters looking for new homes on the Upper West Side are more likely to score a deal on an apartment as prices continue to drop in the neighborhood and across New York City, according to a new study.

A StreetEasy report on the first quarter of 2021 shows that New York City rent prices that have been dropping since the start of the coronavirus pandemic hit new record level lows at the start of the year.

"The StreetEasy Rent Index dropped by 16.8% year-over-year in Manhattan, and rents fell to a new low of $2,700 a month," wrote Emily McDonald, the author of the StreetEasy study. "That's the cheapest on StreetEasy record, dating back to 2010."

Homes on the Upper West Side were no different in their price drops:

• Median Asking Price: $1,395,000
• YoY Change: -11 percent
• Median Asking Rent: $2,717
• YoY Change: -22.40 percent
• Median Recorded Sales Price: $1,019,000
• YoY Change: -25.4 percent

The real estate experts advised that while they won't last forever, the rent prices are likely to stay down for at least the foreseeable future.

"Renters don't need to rush to sign a new lease this second to claim a great deal, though," StreetEasy economist Nancy Wu said. "It will take time for prices to rebound. But the rentals market does react to economic activity much more quickly than the sales market. As the city continues to recover, competition will slowly start to pick up."

Check out the full report here.

Patch reporter Ann Quinn contributed to this report.