Published On: Thu, Apr 7th, 2016

Manhattan Rents Drop For the First Time In 2 Years

Meanwhile, Brooklyn prices are up, and landlords are offering even more concessions

NYC New York City Flatiron-District-by-Dave-Lindblom-via-Wikimedia-Commons

Yes, you read that headline right—according to the latest batch of rental market reports, Manhattan rents dropped ever-so-slightly for the first time since 2014. And we say ever-so-slightly, we mean it: According to the Elliman market reports, the average rent decreased one percent from February, and three percent from the same time last year; meanwhile, the median rent dropped about two percent from February, and nearly three percent from the same time last year. “The rate of growth has been falling since August, ” explains Jonathan Miller, who prepares the Elliman market reports.

The stability is also backed up by the Citi Habitats report, which states that “average rents in March 2016 remained largely unchanged from February.” But Citi Habitats notes that year-over-year, “rents for one-bedroom apartments increased the most, with a 4.5% rise. Meanwhile, rents for studio units rose 2.6%, while pricing was up 2.1% and 2.4% for two- and three-bedroom homes respectively.”

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