Manhattan rents are down by as much as 20 percent. But prices are still climbing in some downtown neighborhoods.
According to the Manhattan Rental Market Report, rents are at their lowest since 2007. That’s down an average of almost 7 percent in doorman buildings and half as much in non-doorman buildings.
The average one-bedroom in a non-doorman building costs $2,605. It’s $3,299 in a doorman building.
Rent for a studio in a doorman building on the traditionally pricey East Side fell by more than 20 percent to $2,027.
In trendy Tribeca, a non-doorman studio is more than 22 percent higher, at about $3,283. Lower East Side rents are up as well.
(Source: WCBSTV)
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3 Responses
Given that their usual customers have “suffered” more than average, why shouldn’t Manhattan suffer the same deflation as the rest of the country. Is the law of supply and demand somehow inapplicable to New York?
That is still a lot more than you can get here in Brooklyn.
I don’t know why people put up with such high rents. There are so many cities where one can live for a much more reasonable amount. And they aren’t small cities either.
I used to live in Chicago (now in a different midwest city that’s even cheaper), and I was living in a 2-bedroom apartment that was probably at least twice the size of the $2,600 one-bedroom in Manhattan, in a doorman building, for $2,250 a month. In a nice area, less than half a mile from a shul. Why people would live in NYC if they had a choice in the matter is beyond me. Think of the extra tzedaka you could give with the cheaper rent!