(Photo courtesy imagesvc.meredithcorp.io)
If you’ve always dreamed of living the Carrie Bradshaw lifestyle, I’ve got good news. New York City rental prices are on the decline.
New York City hasn’t been the same since the pandemic started, and the rental market is no exception. Rental apartments in Manhattan hit a record 3.67% vacancy rate, the highest level on record.
Listings are going up… The number of apartments listed for rent in Manhattan is up nearly 85% from last year, a record increase.
…and prices are going down. Meanwhile, the median rental price in Manhattan is $3,378/month, down an astonishing 4.7% from last month (but still pretty high tbh).
The coronavirus pandemic has many New Yorkers leaving their tiny studio apartments and heading to the ‘burbs. In order to entice people to stay, many landlords are offering incentives like one or two months of free rent.
Now’s the cheapest time to rent in Manhattan. So if it’s your dream to live in New York City, the prices couldn’t be any NYCer.