Manhattan Rental Market
As per an article in NY Times about the Manhattan Rental Market, New York is really a rental town: rental apartments, especially in Manhattan, still make up three-quarters of all homes, even as for-sale properties glamorously sprout around them.
Rents have steadily declined across Manhattan over the past few months, while vacancy rates are at the highest rates. The traditional winter slowdown forced median rents down in December. Median rents dipped 1.1 percent and likely to plateau soon rather than keep dropping. Although the rental market has softened in Manhattan, it remains strong elsewhere(Brooklyn & Queens) in the city.
The following report is intended to give an idea of what the typical renter could expect to pay for apartments of different sizes under current market conditions.
Traditionally, the rental market suffers when the sales market improves, with the idea being that renters decide to buy. The inventory for sale was low in 2013, so that not everybody who wanted to buy something could, especially with the prices at many luxury developments.
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