Manhattan has always been notorious for the superbly high rates of rent which tenants of the New York City borough have had to endure. While there is no indication that Manhattan will cease to exist as one of the most expensive places to rent in the country, for the first time in 24 months, average rent rates on a year-over-year basis actually fell in the borough. Based on a recent report by Douglas Elliman Real Estate, the median rental price has declined by nearly 3% to $3,300/month for Manhattan in March 2016 versus the same month last year and about 2.5% on a month-over-month basis.
Furthermore, vacancy rates have nudged up compared to the same time last year; they were a shade below 2% in March 2015, but edged up to nearly 2.4% in March of this year. In efforts to attract more tenants then, landlords have been offering more incentives, such as one month of free rent.
For the full survey that includes statistics on the boroughs of Brooklyn and Queens as well, check out the March 2016 Elliman Report here.