Manhattan average rent falls below $3,000 for first time since 2011 | WHAT REALLY HAPPENED

Manhattan average rent falls below $3,000 for first time since 2011

NEW YORK - The average rent in Manhattan has dropped below $3,000 for the first time since 2011.

According to a report from StreetEasy, a record-high number of rent cuts contributed to the average asking rent in Manhattan dropping to $2,990 in the third quarter of 2020.

Discounted rental listings on StreetEasy rose to a record high of 44.7% as landlords attempt to attract tenants.

“Renters are no longer willing to pay the commute premium of living in Manhattan when they do not need to commute to an office five days a week,” said StreetEasy Economist Nancy Wu.

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