Sad Landlords, Happy Renters: NYC Apartment Rents Are Even Flatter Than You Thought
We reported last week that rents on New York rental apartments have barely budged since 2009. New York real estate being New York real estate, rents still edged up a little, but the 1.6 percent increase was the smallest in 15 years. A new report at The Real Deal today offers more bleak news for landlords and excellent news for NYC dwellers considering jumping into the Manhattan rental market -- between January and February, average rents rose only 0.16 percent. In other words, the market for NYC rentals is essentially flat right now, which is something of a bummer for Manhattan landlords but also makes this the renter's equivalent of a buyer's market. Rents are lower than they've been in years, the ranks of no-fee apartment listings is growing -- in short, it's about as good a time to be in the market for a luxury rental apartment in Manhattan as any in recent memory. So spare a thought for the landlords before you head over to our rental apartment listings, but by all means get your look on.
So you know, we'll get back into informing-mode, as opposed to you-should-think-about-renting-an-apartment mode, tomorrow. Unless more data like this drops tomorrow, that is.