Upper East Side Homes Are Still Cheaper Than Pre-Pandemic: Study

UPPER EAST SIDE, 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 the Upper East Side.

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 Upper East Side, where asking rents are nearly $400 less than they were two years ago and home prices are more than $300,000 lower, according to the study.

Here's the full Upper East Side breakdown:

• Q3 2021 median asking rent: $2,600 (up $200 from Q2 2021, but still $395 less than the $2,995 median in 2019)
• Q3 2021 median asking home sale price: 1,500,000 (up $5,000 from Q2 2021, but still $337,500 less than the $1,837,500 median 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.