Markets & EconomyRentals

Average rent in Manhattan shows slight year-over-year decline, report says

Tribeca and SoHo prices drop, Battery Park City popularity increases since 2015
Published on Feb 22, 2016
  • Rental prices tend to dip during the dead of the winter, and even high-end markets like Manhattan aren’t immune to fluctuations.
  • Although averages seem only minimally affected, renters have more negotiating power due to higher vacancy rates, so lessees with some determination might be able to receive higher reductions.
  • Tribeca took the biggest hit this time around, with non-doorman one-bedrooms down 23.9 percent between December and January.
  • Battery Park City average rent increased 5.8 percent since January 2015.

The priciest rental market in New York City experienced a slightly difficult start to 2016, according to the MNS January Market Report. Month-over-month, rents declined .96 percent, as they were up to $3,911 in December. Average rents in Manhattan slid to $3,873 in January from $3,923 this time last year, a 1.39 percent drop.While the yearly drop is a negative mark for Manhattan, monthly fluctuations are largely dependent on seasonal demand. Rental prices tend to dip during the dead of the winter, and even high-end markets like Manhattan aren’t immune to fluctuations.Pro tip: Take advantage of signing deals in the rental off-season The off-season is prime for renters to take advantage of decreased rates, according to real estate professionals. Although averages seem only minimally affected, renters have more negotiating power due to higher vacancy rates, so lessees with some determination might be able to receive higher reductions.“I have often advised my ren...

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