Manhattan apartment renters’ prayers have been answered. Finally, after months of skyrocketing increases, NYC real estate has seen a significant slowdown. Rental prices have been stable throughout July and the beginning of August, which is refreshing for those who were putting off their move until the end of the summer. Of course, we are still a couple of months away from seeing an actual decline in the housing rent tags, but we are definitely headed in the right direction. With the apartment inventory being at some of the lowest historic levels, it is refreshing to see that landlords are not taking advantage of the absence of alternatives for the renters.
In fact, it was surprising for me to see that the average rent per square foot went up by only 2% so far in August, compared to the same time last year (from $46 to $47 per square foot). With 2013 being much faster paced when it comes to rental price increases, we are lucky to see such a reasonable change during the busiest time of the year in Manhattan real estate.
I’m excited to see what the rest of the summer brings to NYC apartment renters. Hopefully more housing inventory will come on the market in September, breaking the spell of high rental prices and lack of concessions.