(NEW YORK, NY) — The city never sleeps and neither do the rent prices as they are only going Up, Up, Up. This winter, the would-be buyers have resurfaced, and they are on the prowl. Renters are looking for their dream apartment in some of New York City’s most desired areas. The demand for rentals in Manhattan, Brooklyn and Queens has skyrocketed in the past few years. According to the StreetEasy Manhattan Rent Index, rent has increased at a rapid rate since early 2016. The rent in Downtown Manhattan and northwest Brooklyn has risen by 2.4 percent and 3.5 percent, averaging to a monthly cost between $3,058 and $3,724.
The rent is rising but the rental concessions are continuing to drop. In New York City’s wealthiest island, Manhattan, the rental concessions have taken a turn from the previous year’s seasonal trend of discounts rising in cooler months. Since 2010, the rental advertising concessions has dropped drastically – decreasing by 8.6 percentage points annually to 13.2 percent.
StreetEasy Economic Data Analyst, Nancy Wu, concisely summed up the markets current state by explaining that “Manhattan home prices have reached lows we haven’t seen since 2015, and inventory levels are at historic high, leading many to believe that now may be the time to buy. But with a median price above $1 million, purchasing a home in Manhattan is still too expensive for many in this market.”.
As of right now, it seems that more New Yorkers are going to continue selling in 2019 for low prices in hopes of creating a living situation that is more accommodating and as flexible as renting.