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 onl...
- 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.