Manhattan rental listings drop before busy spring season

  • Rental price fluctuations shown in the report were not as aggressive, with a slight .59 percent decrease between January and February.
  • Gramercy doorman-operated, two-bedrooms had less than 20 units at the time of review, which could have shifted the neighborhood's balance.
  • The highest increases were seen in Gramercy non-doorman, two-bedroom units, which went up 4.7 percent. Similar units in East Village also increased 3.7 percent on average.
  • SoHo saw the biggest overall year-over-year drop at 7.9 percent due to the least number of units, but not necessarily due to low demand.

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As Manhattan nears the fast-paced rental season, listings are still scarce, according to the MNS February Market Report. Last month, inventory decreased by 4.44 percent, from 9,007 rental units to 8,607 units.