New York City Rental Market outlook - 2013

The Rental Tide Subsides

By JULIE SATOW

Published: December 28, 2012   

Apartment rents in New York City have been rising rapidly for several years, but signs are now emerging that the market has hit a speed bump and is finally shifting to a slower gear.

 

Manhattan rents have been dropping, with the average price $3,368 in November, $76 less than in October and the third consecutive month prices have declined, according to Citi Habitats.

While some of this may be seasonal — the rental market tends to soften during the winter — the pace of rental growth year over year has also slowed. According to Streeteasy.com, median rents are 1.5 percent higher than one year ago, a marked drop from the 10 percent increase that rents posted two years ago and the 15 percent of three years ago. Inventory is also up, with 13,618 Manhattan apartments for rent in November, a 21 percent increase over November 2011, Streeteasy found.

 

Read Full Story Here:   http://www.nytimes.com/2012/12/30/realestate/the-new-york-rental-tide-subsides.html?ref=realestate&_r=0