The Manhattan rental market continues to lag in year-over-year performance, but November rents remained relatively stable versus last month, according to the Real Estate Group of New York.
Overall, rents in the borough fell only 0.03 percent during the normally slow month of November. The largest price change actually was an increase of 1.12 percent in doorman one-bedroom units. Supply fell 5.36 percent overall, but it was down 11.94 percent in non-doorman units. The firm’s report observed:
As the trends above appear to be adding stability to the market, there still seems to be some disparity. Some owners are seeing increasing demand, either from new renters or by negotiating with current tenants to renew their leases, yet others carrying excess inventories are being forced to re-up incentives to appeal to those looking for value.
The Lower East Side continues to be the best location for renters looking for service and space, according to the Real Estate Group. It said doorman one- and two-bedroom units dropped 10.17 percent and 14.43 percent, respectively, to $2,474 and $3,908.
SoHo has dropped. There, many renters have chosen to take advantage of the current market to upgrade their location. Non-doorman studios fell 9.61 percent to $2,087, the lowest price in recent years.
In the East Village, asking rents have been relatively stable during the past 13 months, but the numbers may be hiding some of the city’s best hidden gems. While the larger rental buildings and newer conversions, especially those near train stops, continue to fetch high prices, many of the smaller buildings farther from transportation have seen large decreases in their asking rents.
You’ll find more on the U.S. and New York housing markets in Realty Digest, the newsletter I write every two weeks.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022