Photo: Eric Gross/Flickr
Renters in Manhattan may catch a break this year, a recent market report from StreetEasy suggests.
The median rent declined in January in nearly all of Manhattan’s submarkets. That marks the fifth straight month of declines for the borough’s median rent.
And Manhattan renters could see some easing in their rents this coming year, according to the New York-based online listing site.
Manhattan’s median rent was $3,198 in January, a 0.5-percent drop from the previous month. This is the first time since 2010 that Manhattan’s median rent has fallen in the first month of a year.
The Upper East Side was the only Manhattan submarket to see its median rent climb on a month-over-month basis in January. The median rent there rose 0.1 per cent in January compared to December 2016.
Meanwhile, the median rent in Manhattan this January only increased 0.3 percent from the same month a year ago. This was the slowest pace of annual growth since StreetEasy began tracking Manhattan rental data.
“Manhattan renters could finally be catching a break in 2017,” said StreetEasy economist Krishna Rao in a digital release.
Manhattan tenants have seen their rents consistently hit new highs over the last 10 years, with the borough regularly recording strong annual rental price growth, Rao added. However, the Manhattan market has been shifting in recent months, he observed.
“The luxury (market) decline seems to be affecting the market in a big way, as the most expensive areas see the greatest rent declines, while competition remains relatively heightened in less expensive areas like Upper Manhattan.”
Click here to read the entire report.