Rents for apartments in Manhattan are dropping across the board for the first time in four years, as more construction has given tenants an ability to move to newer, more modern apartments.
The median price of a Manhattan studio in February was $2,500/month, the lowest it has been since January 2015, Bloomberg reports. Last year, rents fell for one- and two-bedroom apartments in Manhattan while studios held steady. In Feburary, studios dropped by 2.6%, according to a report by appraiser Miller Samuel and brokerage Douglas Elliman Real Estate.
There were 6,872 apartments available for rent in Manahattan at the end of February, more than 12% more than a year earlier. New leases tumbled by 28% in February to 3,634 while the monthly median rent for units of all types fell by 0.9%, to $3,350 per month.
This news comes as no surprise to some observers. Experts in January predicted that the luxury apartment boom, which lasted about seven years, could be coming to a halt this year due to the glut of new supply. Landlords have been offering more concessions to tenants than ever before.
At the end of 2016, a Zumper report found that New York had the largest year-over-year decline in rental prices over all major rental markets in the United States.
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