Manhattan rents have dropped for the first time in two years.
However, before you start walking around town like you’ve got money to burn…
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.”
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