Harlem Rents Are Still Cheaper Than Pre-Pandemic, Study Shows

HARLEM, NY — New York's real estate market feels more wildly competitive than ever, but new data shows many neighborhoods still have cheaper prices than they did before the pandemic — including Harlem.

The new study by StreetEasy looked at the median asking rent and home sale prices for apartments across the five boroughs during the third quarter of 2021 and compares them with the same period in 2019, before COVID-19 swept New York and tanked home values.

It found that some up-and-coming neighborhoods, like Long Island City, Queens and Greenpoint, Brooklyn, have surpassed their 2019 rent prices. Much of the rest of the city, however, remains cheaper to rent or buy in than pre-pandemic.

That includes the four parts of Harlem studied by StreetEasy — Central Harlem, East Harlem, West Harlem and Hamilton Heights — all of which are more affordable now than they were in 2019.

That finding slightly undercuts recent reports that a surge in demand has left few apartments available for prospective renters and buyers, leading to never-before-seen bidding wars where some tenants end up offering more than the asking rent.

Here's the breakdown for Harlem neighborhoods:

Central Harlem:

• Q3 median asking rent: $2,450 — down from $2,595 median rent in 2019
• Q2 median asking home price: $892,500 — down from 2019 price of $978,500

East Harlem:

• Q3 median asking rent: $2,250 — down from $2,395 in 2019
• Q2 median asking home price: $695,000 — down from $757,000 in 2019

Hamilton Heights:

• Q3 median asking rent: $2,350 — down from $2,500 in 2019
• Q2 median asking home price: $599,000 — down from $699,488 in 2019

West Harlem:

• Q3 median asking rent: $2,400 — down from $2,600 in 2019
• Q2 median asking home price: $539,500 — down from $1,245,000 in 2019

Other Manhattan neighborhoods where 2021 rents are still lower than pre-pandemic include the Upper West Side, Greenwich Village, West Harlem, Little Italy and Gramercy Park.

Overall, the Q3 market data suggests that people's interest in living in New York City "is stronger than ever," according to StreetEasy economist Nancy Wu.

"And the highly mobile renters who can afford the most expensive areas are doing everything they can to snag a lease in the neighborhood of their choosing," Wu said in a news release.

People with a lower budget should not be discouraged, Wu said, but should keep in mind that any given apartment probably has multiple people vying for it already.

"Use all the tools at your disposal to your advantage during the rental search to help save you time and money," Wu said.

More Harlem real estate coverage:

• Harlem Rents Rose Amid NYC's Reopening, Study Finds
• Harlem Rents Inch Up After Yearlong Decline, Study Finds
• Harlem Rents Keep Falling As Manhattan Hits Record Low: Study