Apartment rentals New York with Rental Report

Courtesy of: Anthony Quintano/ Flickr

Apparently, warmer weather coupled with high consumer demand this past June contributed to higher rental prices in New York City. The latest Elliman report shows that the median rental price for Manhattan rose to $3,300 - a 3.3% increase from the same month last year and the highest it has been in more than 5 years. The June vacancy level fell to 1.64% from last period's 1.83%, and is the lowest June level in the 5 years the metric has been tracked.

_{Image via Flickr/Andos_pics}

The numbers are in, and this past April had some interesting happenings in the world of rentals. Using the year-over scale, when we look at the price of an apartment from the year before and compare it to this year’s, Manhattan median rental prices had been declining for six consecutive months until they increased by a minute 0.2 percent in March. This April, the median cost to rent an apartment in Manhattan again increased from the same month last year, now up to $3,247 per month, 1.6 percent higher than April 2013’s $3,195.

In February 2014, the median rental price in the borough of Manhattan has fallen once again from the previous month, January 2014, at a rate of -0.4%. This equates to six total months of median rental decrease. Since last summer rent can be considered as remaining flat, but although the decreases are definitely on a small incremental scale, they are in fact continuing to decrease. Giving Manhattan renters something to smile about, well a small smile in the least. Comparing February 2014 to February 2013 we see a -2.8% decrease in the median rental price, decreases remaining steady on this front, for now at least.

Though the overall number of apartments rented in the colder months of the year typically decreases, our attention to the market remains diligently focused. We took a look at the latest data released, and here’s what we saw.