Apartment rentals New York with Rental Market

November Market Report: The Holiday Season Dash

We expect the real estate marketRental market numbers decreased less than normal in November to slow down during the holiday season. Realtors plan for it. The November and December markets are often the lowest of the year, with prices shooting back up by the first quarter of the new year. But last month’s rental market report tells a different story. November rental prices were indeed down from the previous month, but by a number smaller than anyone would have guessed. And average prices in all Manhattan rental markets in November were considerably higher than they were at the same time last year. People want to rent in Manhattan, it seems, and they’re willing to pay dearly for the privilege.

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Luxury Rentals Market Cools Down a Few Degrees

Luxury Manhattan Apartments - Rental Market Cools Down
Last week, Citi Habitats and Prudential Douglas Elliman released a second quarter report claiming that the Manhattan rental market was on fire, and things weren’t going to cool off any time soon. Rent prices were supposedly at an all-time high and weren’t expected to drop in the near future. This was music to every Manhattan landlord’s ears, but a punch in the gut (or wallet) to everyone searching for a luxury rental in Manhattan. However, a more in-depth look at the aggregate rent paid each quarter dating back to 1991 shows that the peak in the luxury rental market actually already occurred.

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