Here’s where NYC’s real estate market stands right now

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New York City was among the first places in the US to be impacted by the coronavirus pandemic, and with its world-famous museums and bars mostly shut down, renters and buyers started looking to greener, suburban pastures — leaving tons of real estate unclaimed and available for cheap.

Here are the latest housing prices and forecasts so you know what to expect when you hit the market. If you’re a buyer, jump here.

Renters

It has never been a better time to be a single renter in the Big Apple. The rental market is booming in NYC, with dirt-cheap prices attracting masses of new leases, the New York Post previously reported

“It is no surprise that rents have been declining since late March in New York City. They have been declining consistently downward,” said Victor Rodriguez, director of market analytics at the CoStar Group. 

Location: Discounts to expect in Manhattan, Brooklyn and Queens

The best deals in New York City are in Queens, and the best deals in Manhattan can be found on the West Side. Scroll through to see rent discounts in each borough.

Typical Manhattan apartments went for $3,000 in January — almost 17% less than they did last year, according to New York-based brokerage Douglas Elliman

But the sticker tag isn’t the only thing renters should be looking for. Owners are giving an average of 2.3 months of free rent as concessions compared to only 1.4 months at the same time last year, according to Douglas Elliman. 

“Rent has almost stabilized but the amount of concessions continues to increase. That is a key part of the story, that landlords are offering two to three months rent, waiving amenity fees, paying broker costs,” said Rodriguez. “Owners are throwing in every incentive they can.” 

The west side is getting the biggest discounts — 20% — compared to only 17% downtown, 12% on the east side, and only 9% in northern Manhattan, according to Douglas Elliman. 

But even with record discounts, Manhattan is pricey. For the lowest sticker price, look to Marble Hill ($1,658 a month), followed by Washington Heights ($2,217 a month) and Inwood ($2,305 a month), according to listing site RentCafe.