Market Reports Show Good News for Potential Renters

According to third quarter market reports released earlier this month, those looking to rent in Manhattan still have the upper hand. Rents in Manhattan remain low and flat this winter, except in trendier areas like SoHo and TriBeCa. Vacancies in Manhattan rose 1.72 percent this month, the most sizable increase in six months. Inventory is also up—giving potential renters their choice of prime Manhattan apartments in desirable neighborhoods.





Tips for Renters

• A walk in the park. Gramercy Park non–doorman two–bedroom units have hit their lowest price points this month. These units fell 5.31% to $3,416. And while many of these do not come with a key to the park, they do come complete with easy access to virtually all of Manhattan’s other neighborhoods.
• Hang out on the hill. Non–doorman and doorman studio units in Murray Hill are both reporting their lowest price points in months. Non–doorman units fell 2.35% this month to $1,775, while doorman units fell 2.84% to $2,112. So whether you’re a new hire looking for your first apartment in Manhattan or a long–time resident looking for a fresh start, there has never been a better time to check out Murray Hill.
• Head to Harlem. Harlem is known for great deals, but the already low priced non–doorman two–bedrooms have dropped further this month to their all time low of $2,032.