West Village Median Rent Now Sits At $4,500: 'Pandemic Deals Expiring'

WEST VILLAGE, NY — It might not be the best time to find a new apartment in the West Village, or anywhere in New York City for that matter.

A new report from StreetEasy broke down what the NYC housing market looked like in the first quarter of 2022, and it is a much more competitive environment for renters than it was at the same time last year.

The median asking rent for the West Village from Jan. 1 to March 31 was an eyecatching $4,500. For comparison, the median rent in April 2021 in the neighborhood was $3,241.

The median rent for the West Village in the first quarter of 2021? $3,095.

It means that the monthly asking rent in the neighborhood has gone up by around $1,500 in the last year.

The current median asking rent in the West Village is the 11th highest of any neighborhood in New York City. Brokers for buildings along Central Park South and in Tribeca are asking for rent payments over $7,000.

Here's more of a breakdown for the first quarter of 2022 in the West Village.

• Median Asking Price: $1,650,000
• Median Asking Price YoY Change: +10 percent
• Median Asking Rent: $4,500
• Median Asking Rent YoY Change: +45.40 percent
• Median Recorded Sales Price: $1,374,637
• Median Recorded Sales Price YoY Change: +4.70 percent

“Renters can take this latest data as a sign to be prepared for their landlords to potentially present them a lease renewal with major increases," Joshua Clark, a senior economist at Zillow, told StreetEasy. "Having a plan for if and when that happens will be integral, whether you’re going to accept the increase or make some tradeoffs to find a more affordable space."

Part of the upward trend in pricing is less availability.

In the first quarter of 2021, there were double the amount of available rental units than there were in the first quarter of 2022. Specifically, in Manhattan, there were 23,419 rentals advertised on StreetEasy during the first quarter of 2022, but 56,973 rentals on the website during the same period last year.

The report also emphasized that pandemic deals have expired and that it was significantly more common to come across a rental apartment offering some sort of deal, particularly in Manhattan, during the first quarter of last year.

In total, 42 percent of Manhattan rentals advertised a concession during Q1 last year, such as one month free of rent, compared to just 13.1 percent offering them in the first quarter of this year.

You can check out more about the rental report from the first quarter of this year on StreetEasy's website.