The trend is still a very slow one, but it's clearly happening: rent prices all across New York City are finally going down. It's been a long road, we know.
Two different recent studies suggest that the local real estate market is (finally!) cooling off. First off, a report from the Real Deal points to numbers that indicate that the national median rent for one bedrooms has decreased by .07% in the last month and by .8% when looking at two-bedroom apartments.
Even more specifically, apartment rental website Zumper noticed a 2.3% drop in median NYC rent prices between September and October of this year.
Yes, the changes are pretty minimal but, given the sorts of increases that city dwellers have been contending with since last summer, any sign of a cool-down is greatly appreciated.
What's more, while chatting with Curbed, appraiser Jonathan Miller noted that the shifts might lead to the end of the bidding wars that have characterized the market in recent months. "[Renters] might once again be able to score a concession on a luxury apartment that's a hike to the subway and costs more than $5,000 a month," reads a report by the outlet.
As New Yorkers not-so-fondly remember, this past July, the average Manhattan rent was $5,000 for the very first time ever on record. In addition to that, the Rent Guidelines Board voted to raise prices in rent-stabilized homes across town on all leases starting October 1, 2022 or later. Approximately two million New Yorkers were directly affected by the decision.
We've got a long road ahead of us but this bit of good news has got given us a bit of much-needed hope.