This January seems to have shrugged off the seasonal trends typically followed by the Manhattan rental market. While the market often sees a January rebound from December’s historically weaker prices, this month, average citywide rents continued to cool across all apartment sizes and service levels. Additionally, The Real Estate Group has received many inquiries from landlords—large and small alike—asking for guidance on how to market and price their properties in an increasingly unstable housing market. The combination of these factors reinforces our sentiment that the market has, in fact, turned.
Greatest changes since December:
- Non-doorman one-bedrooms – East Village – Down 7.4% ($197)
Where Prices Decreased:
East Village—East Village prices decreased notably in almost every category, including a 7.4% reduction in non-doorman one-bedroom prices.