Is the New York City apartment market getting less expensive? Sounds too good to be true, right? Good news: this is now the case in Manhattan. Bloomberg reported that the borough’s rental rates fell for three months from September through November.
With the popularity of New York City, you may be wondering what is the reason for the recent drop in rental prices. Some believe there are two main causes.
First, many people in Manhattan are choosing to buy their homes instead of renting because of the forecast of rising mortgage rates. Another reason lies in the trendiness of another well-known borough, Brooklyn.
In contrast to New York City, the median monthly rental price has been rising in Brooklyn for six months, according to Bloomberg. In November, the average rent price was $2,800 a month, which marked a 3.8 percent increase from the previous year. Manhattan’s median rental price is still larger than Brooklyn’s at $3,100 a month, however the figure represents a 3 percent drop. Manhattan landlords are reducing their rental prices because of these recent market fluctuations.
Some of the apartment complexes are even including a free month’s rent. The rate at which this type of discount is being offered has increased by 7.2 percent from the previous year, which was recorded at 4.2 percent.
So maybe now you can afford an apartment in one of the most desirable neighborhoods in New York City!