It’s been no secret that there is a record number of empty apartments in Manhattan (over 15K to be exact), and now that number continues to grow.
And because of that, rent prices are now the cheapest they have been in the borough for the past seven years, Bloomberg reports.
According to a recently released report by Douglas Elliman Real Estate, the median rental price in Manhattan has decreased 7.1% year over year. And landlords are also now piling on the perks to get renters in, from months of free rent to gift cards to subscription deals, memberships and more.
With those concessions added in, the median rent fell 11%, which is the lowest it has been in over seven years.
So, it’s basically the perfect time to rent in Manhattan! Rents are as cheap as they’ve been since 2013.
Still, since it’s in the most expensive borough, these prices mostly include luxury (or at least higher-end) apartment buildings. It comprises studio apartments that have dropped 17.1% to $2,184, and one-bedrooms that have dropped 14.7% to $2,977.
It comes at a time when the number of new leases signed remains the same since last year, but the amount of new listings has grown to 15,923. That’s triple what it was last year, and marks the highest it has been in 14 years. You can take a look at the full report, including stats for the rest of the boroughs, here.
featured image source: Photo by Jermaine Ee on Unsplash