Although it is still one of the most expensive places to live in the U.S., folks who made a move to Manhattan at the start of the New Year are getting a bit of a bargain. According to World Property Channel, apartment rents in Manhattan dropped for the fifth consecutive month in January. Additionally, the median rental price slipped 1.1 percent year-over-year to $3,114 last month while incentives from landlords – one month of free rent or its equivalent – increased from five percent market share to 13.1 percent in the last six months compared to the same period last year.
Also of note, is the fact that the number of new rentals fell 36.6 percent to just under 3,000 because “more tenants signed lease renewals rather than trying elsewhere,” according to Miller Samuel in a report for brokerage firm Douglas Elliman. In regards to new development and luxury rentals, median rental prices for new apartments increased by nearly 17 percent to $4,475 and over 5 percent for luxury apartments compared to the year before. Rising prices in the Big Apple aren’t exclusive to Manhattan, however. Median rental prices in Brooklyn were up 12 percent ($2,830) in January, compared to 2013.
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