TREGNY February Stats: Renter's Market on NYC Apartments Makes It Through Another Month
Every month, real estate experts warn that the renter's market for Manhattan apartments is on its way out -- soon, maybe next month, those rental apartments will be renting for more, we hear. And yet with every month that passes and every report that arrives from The Real Estate Group of New York (TREGNY), it appears that rent prices for rental apartments in New York City just aren't really going up very quickly, or at all. TREGNY's most recent report on NYC rentals reveals that rent prices rose just 0.62% between January and February, and are down 1.52% from February of 2009. There's more good news for renters, too, in the news that vacancy rates for NYC rental apartments have gone up. With a glut of supply, rents will likely remain flat. And so, as we say seemingly every month, this is a great time to be looking for a rental apartment in Manhattan.
Curbed provides a bit of context, and news on a couple of desirable residential neighborhoods in Manhattan where rental apartments are currently looking like especially good values. "For bargain hunters, TREGNY points to Chelsea, where non-doorman studios are down to $1,772/month, the lowest price since TREGNY started tracking," Curbed's Sara Polsky writes. "Non-doorman studios in Murray Hill are $1,727/month, and TREGNY also touts the $3,299/month non-doorman two-bedrooms in Gramercy Park, which are around 17 percent cheaper than they were last year."