While rents are falling in many parts of the country, rents in New York are still stubbornly high and the number of empty or unrented apartments remains low. According to the data, for the different neighborhoods of Manhattan, average rental prices in Lower Manhattan seem to be following a downward trajectory with more room to fall. Nowadays it's not as easy as taking the subway to a stop in the old neighborhood, entering a new zip code and finding an apartment at a discount, runners say. And measured in a certain way, whether taking into account monthly rents or sales prices, there are recent examples of an apartment in the popular Dumbo, for example, that is priced for more than a similar one on the other side of the East River.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the country, as well as aggregated data from counties, metropolitan areas and states. The veteran apartment finder might also tend to assume that a one-bedroom room will be less than 1,000 square feet. The apartment has two full bathrooms, several closets and original details, such as sunken floors bordered by metal railings. Rent growth in New York City over the past year exceeded state (4.1%) and national (4.6%) averages.
The apartment, located in an Art Deco building with an elevator, is located in the coveted and often expensive 212 area code, in the Inwood neighborhood, on the northern edge of Manhattan. But, he added, “when you're finally willing to settle down and stay in the city, but apart from the hustle and bustle, then this is the place. The vast majority of apartments available in New York are in luxury buildings with elevator doormen, so the overall average rental prices in New York are much higher. Joshua Young, executive vice president and managing director of sales and leasing at Brown Harris Stevens, said that landlords were too optimistic to expect rent increases of 20% or more, and that many are now starting to lower prices or add more concessions to keep their apartments full.