Harlem Rents Keep Rising Amid Pandemic Recovery: Study

HARLEM, NY — The brief renters' paradise that swept Harlem during the pandemic is now a distant dream, as rents keep rising around the neighborhood, according to a new study.

The latest market report by StreetEasy looked at asking rents and sale prices for homes around the five boroughs during the month of January.

Among the takeaways: rents in each part of Harlem cost more than they did at the same time last year, and in some cases, have surpassed their 2019 levels, suggesting a full rebound from the pandemic slump.

Here's the breakdown for each part of Harlem:

Central Harlem:

• January median asking rent: $2,500 — up 8.7 percent from 2021
• January median asking sale price: $898,500, down 3.9 percent from 2021

East Harlem:

• Median asking rent: $2,400 — up 14.6 percent from 2021
• Median asking sale price: $705,000, up 8.5 percent from 2021

Hamilton Heights:

• Median asking rent: $2,495, up 8.9 percent from 2021
• Median asking sale price: $612,500, up 2.3 percent from 2021

West Harlem:

• Median asking rent: $2,650, up 15.6 percent from 2021
• Median asking sale price: $597,000, down 17.7 percent from 2021

The median rents in West Harlem and East Harlem are both now higher than their levels in the third quarter of 2019, just before the pandemic hit, as documented in a separate StreetEasy study. Central Harlem and Hamilton Heights are just barely below their 2019 levels.

Rents are rising as the number of available apartments rapidly shrinks. Another recent study by The Corcoran Group found that Manhattan's vacancy rate had dropped to 1.58 percent as of January — a significant 3.16 percent drop from the previous year.

Upper Manhattan has had the borough's hottest rental market, seeing more rental transactions in January than any other area.

"This increased activity was driven by apartment seekers in search of value," said Gary Malin, chief operating officer of Corcoran, in a news release. "Despite the competitive conditions, there are still opportunities for price-conscious tenants."

Indeed, Harlem/Morningside Heights and Inwood/Washington Heights were the only studied neighborhoods that saw year-over-year increases in the number of leases signed last month, while the rest of Manhattan saw a drop amid shrinking inventory, the study found.

More Harlem real estate coverage:

• Harlem Rents Are Still Cheaper Than Pre-Pandemic, Study Shows
  
• Harlem Rents Inch Up After Yearlong Decline, Study Finds
  
• Harlem Rents Keep Falling As Manhattan Hits Record Low: Study