New Construction Causes Manhattan Rents To Fall

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March 10, 2017

Rent prices fell in February for apartments of all sizes in the New York City borough of Manhattan. Even studio rents dropped 2.6 percent to a two-year low.

BloombergPursuits reports that the number of available apartments in Manhattan rose to 6,872 last month, 12 percent higher than a year before, and the amount of new leases dropped 28 percent. The median rent price decreased 0.9 percent to $3,350, which is still very high compared to other housing markets.

A recent uptick in multifamily construction has given renters more options to choose from.

“There’s so much inventory, and that influx is hitting across all price points, even the studios,” Hal Gavzie, executive director of leasing for Douglas Elliman, said in an interview. “There were a lot of studios that hit the market and have been sitting there. They had to reduce prices.”

To fill empty units, landlords in the city are offering concessions such as free rent.

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