Manhattan’s rental market is cooling down after a strong upward rise over the last few years. However, it continues to progress slowly but surely. This means that more deals are on the market now than at any time since 2009. In neighborhoods such the Lower East Side and the Financial District prices have decreased on both studios to two-bedrooms, so apartment hunters can pay less and gain more while still being able to enjoy the luxury of a Manhattan lifestyle. Though the increase in Manhattan’s rental market has been minimal over the last month or so, thankfully there has been no stagnation or downfall. Based on a recent report, there are plenty of great apartments for renters to choose from.
According to the MNS's Manhattan Rental Market Report for September, from August to September there has been a .9% rent increase in the average rents for studios, one-bedrooms and two-bedrooms, with studios pulling in the largest increase of 1.2%. With that being said, notable trends in the report include one-bedrooms in Tribeca going for an average price of $4,933 per month. In neighborhoods such as Soho, the average price for a one-bedroom is $5,100 per month, which stands in stark contrast to Harlem, which has the average price of $2,145 per month. Apartment hunters can benefit from the price drops in many areas such as the Upper West Side where prices in non-doorman one-bedrooms dropped 4.1%. There is a 2.4% decrease in prices for the Upper East Side which would cost renters $3,487 per month for a one-bedroom in this neighborhood. Last but not least, a two-bedroom in Chelsea costs $6,815 per month, after a 1.3% decrease in price from August.
Renters might want to start thinking about apartments in the Midtown East, as MNS reported that this area had a significant decrease of 3.4% for two-bedroom non-doorman units last month. Battery Park City also has some great deals, with an average rental price of $3,356 per month for a one-bedroom thanks to a 2.9% decrease. Another important factor for some renters in choosing the perfect home is the price per square foot. According to the report, an average price per square foot in Tribeca goes for $57 compared to an average price of $36 per square foot in Harlem.
