Midtown, Hell's Kitchen Rents Rose Amid NYC's Reopening: Study

MIDTOWN MANHATTAN, NY — After slumping for months during the pandemic, rent prices are on the rebound in Midtown and Hell's Kitchen as the city recovers from the pandemic, according to a new study.

The StreetEasy study, which examined real estate listings across the city during the second quarter of 2021, found that it costs more to rent an apartment in all parts of Midtown than it did during the year's first quarter.

This upward trend started in April, as the city expanded vaccine eligibility and workers who left during the pandemic began to return to the city.

In all parts of Midtown, the median asking rent rose during the last quarter, the study found. Still, rent prices remain cheaper across the neighborhood than they were during the same time last year.

Here's the breakdown across Midtown and Hell's Kitchen:

Central Park South:

• Q2 median asking rent: $6,800 (up from 2021 first-quarter median rent of $6,700, but still 5.6 percent below this time last year)
• Q2 median asking home price: $2,250,000 (down from $2,547,500 during first quarter of 2021, but up 10.2 percent over last year)

Midtown East:

• Q2 median asking rent: $2,995 (up from 2021 first-quarter median rent of $2,750 but still 6.3 percent below this time last year)
• Q2 median asking home price: $850,000 (up from $800,00 during first quarter of 2021, but still 1.2 percent below last year)

Midtown South:

• Q2 median asking rent: $3,625 (up from 2021 first-quarter median rent of $3,225 but still 1.9 percent below this time last year)
• Q2 median asking home price: $914,000 (down from $985,000 during first quarter of 2021; down 8.5 percent from last year)

Midtown West (Hell's Kitchen):

• Q2 median asking rent: $3,049 (up from 2021 first-quarter median rent of $2,878 but still 6.2 percent below this time last year)
• Q2 median asking home price: $1,177,500 (up from $1,160,000 during first quarter of 2021, but still 9.4 percent below last year)

All Midtown:

• Q2 median asking rent: $3,100 (up from 2021 first-quarter median rent of $2,895 but still 6.1 percent below this time last year)
• Q2 median asking home price: $1,005,000 (up from $999,995 during first quarter of 2021, but still 16.2 percent below last year)

When rents first began ticking up in April, an industry expert predicted that it would be a sign of things to come.

"All in all, it appears that the days of record low rents may be coming to an end," StreetEasy economist Nancy Wu said.

Still, Wu cautioned that New York is "not on solid ground just yet," citing high unemployment, a huge number of empty apartments and the likely persistence of work-from-home, which could shake up the city's geography.

Patch writer Kayla Levy contributed to this report.

Previous coverage:

• Midtown, Hell's Kitchen Rents Rise After Yearlong Decline: Study
• Manhattan Rents Hit Record Low In 2021, Study Finds