Report: New York City rents plunge
November 12, 2010 - For those thinking of relocating to the Big Apple, now might be the right time to find the perfect rental property at a perfect price.
According to a report by Citi-Habitats, a property management firm in New York City, rents for apartments of all sizes dropped significantly in October compared to a year earlier while the vacancy rate increased to 1.86 percent, the highest since last November.
The report showed that in Manhattan, studio rents plunged 9 percent from October 2008 to an average of $1,901 a month, while rents for one-bedroom apartments fell 7 percent to $2,563 per month, reports Bloomberg.
Additionally, in the SoHo and TriBeCa neighborhoods, studio rents dropped even more, by 14 percent, to an average of $2,067 per month. Rents for one-bedroom properties in the area fell by 13 percent to a monthly average of $3,187.
Gary Malin, president of Citi-Habitats, told the news agency, "As soon as the economy shifted and people got laid off and got no bonuses, landlords had no choice but to reduce asking prices."
Malin also predicted that rents will continue to fall in the coming months while the number of vacancies increases.
For those moving to NYC or those looking to upgrade their pad in the city, there may be some great deals on rental properties. Some landlords may be open to negotiating with perspective tenants over rent rather than having their property sit unoccupied.
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