West Village Rents Remain Low In 2021, Report Finds

WEST VILLAGE, NY — The new year has not ushered in any changes to New York City's declining real estate market, as rents remained historically low across the boroughs in January — including in the West Village, a new report found.

In the West Village, rent for apartments last month was $3,000 — a 28.50 percent decline from this time last year.

Here's the full information for the West Village's real estate market.

• Median Asking Price: $1,699,000
• Median Price Year-Over-Year Change: -12.30 percent decrease
• Median Asking Rent: $3,000
• Median Asking Rent Year-Over-Year Change: -28.50 percent decrease
• Median Recorded Sales Price: $1,040,000
• Median Recorded Sales Price Year-Over-Year Change: -50.5 percent decrease

The data comes from a new study by the real estate website Streeteasy, which found that the continued decline in rents and home prices is caused by the large amount of homes that remain on the market.

Across Manhattan, typical rent last month was $2,750 — the lowest it has been since March 2010, and a 15.5 percent drop from last year. Brooklyn and Queens had median asking rents of $2,395 and $2,000, respectively.

In a silver lining for sellers, however, home-buying activity has surged despite the price drops, according to Streeteasy: the number of pending sales in Manhattan jumped by nearly 31 percent year-over-year, caused mostly by luxury homes.

That luxury market was also reflected in rentals: Central Park South's median rents led all of New York's at $6,900.

Explore the full data and read Streeteasy's market report here.

Patch reporter Nick Garber contributed to this report.