Manhattan rents have dropped for the first time in two years.
According to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate, rents fell 2.8% year-on-year in March, the first annual decrease since 2014.
However, before you start walking around town like you’ve got money to burn…
…it’s important to note that it’s not quite worth breaking out the Champagne just yet.
Median rent in Manhattan is still high at $3,300 despite a one percent drop from February and experts don’t see the downturn continuing in the current economy.
Miller said: “We will see this up and down pattern, which is going to be the equivalent to moving sideways.”
But on the plus side, Manhattan landlords are offering far more perks to renters to make their properties more attractive such as one month’s free rent.
Rents in Brooklyn, however, have increased due to tenants abandoning the high prices in Manhattan in favor of other NYC boroughs. The median rent in Brooklyn jumped to $2,7775 in March, a 2.7 percent increase from the previous year.
Featured cover image: Telegraph