November market reports indicate that while Manhattan is still showing some of the lowest rental prices over the past few years, rates over the past couple of months appear to be stabilizing.
Rents dropped just .03 percent this November, compared to October. This figure has caused experts to speculate that the market is stabilizing, because a more dramatic seasonal decline is typically seen during the month.
"We were actually somewhat surprised to see that November [prices] were [so stable]," says Daniel Baum, CEO The Real Estate Group of New York. He attributed the unseasonably strong numbers to a delay in spring Wall Street hirings. Businesses in Manhattan are beginning to take on new employees, and the influx of new hires appears to be reviving the rental market.
Inventory also showed improvement in November compared to October, with overall Manhattan rental inventory dropping 5.36 percent and non-doorman inventory down 11.94 percent.
Some Manhattan neighborhoods, such as Soho, are still experiencing drops in rental prices. This would indicate that while the market is showing signs of stability, there is still a chance that rents will go lower in many areas of Manhattan.
The bottom line: It is still a renter’s market. Now is as good a time as ever to rent in Manhattan. With inventory high and prices low, you could be renting your dream home today. Contact Alfred Real Estate today.
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