Landlords continue to dole out rent concessions in New York City in a frantic bid to fill vacancies. More than half of all rentals in Manhattan now include some form of concession, according to a new report published byOverall, the median monthly rental price in Manhattan dropped to $3,161 in August, a year-over-year decline of 7.7%. The median price of studios has dropped the most in the last year, to $2,574, while two-bedrooms fell the least , to $4,756.
Overall, more than 5% of Manhattan rentals are currently vacant. Last year that figure hovered blow 2%. Still, for landlords, the worst may finally have passed. “With a nominal month over month uptick in new lease signings, activity appeared to bottom last month,” says Jonathan Miller, who compiled the report.
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