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 below 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.
Similar trends are playing out in New York City’s other boroughs, with changes varying based on apartment size. The average monthly price for a studio dropped 12.9% in the last 12 months, to $2,328. However, the mean price of a two-bedroom actually rose 2.1%, to $3,725. In Queens, meanwhile, the best bargains are on apartments with three or more bedrooms, whose mean price has dropped 17.4%, to $3,253. Average prices for studios and two-bedrooms are each down a modest 1.2%.
Noah_Kirsch
Noah_Kirsch 3800 for a tiny small Studios
Noah_Kirsch Still a city where dreams are made! nycstrong ✊🏼✅
Noah_Kirsch New York is absolute shit now, thanks to the incapable, liberal, governor. 😂
Noah_Kirsch NYC......No thanks.
Noah_Kirsch why would u ever want that
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