February 21, 2019
What Manhattan’s apartment rental market giveth to owners, the for-sale market taketh away. Manhattan rent growth outpaced that of Brooklyn and Queens in January, while pricing on co-ops and condominiums fell at the fastest pace on record, according to StreetEasy.
January’s all-time high of $3,204 per month in Manhattan represented 2.6% year-over-year growth in average asking rents. Dovetailing Miller Samuel’s recent report, StreetEasy noted that landlords concessions are down—in fact, the Y-O-Y drop is the fastest since 2010.
Conversely, StreetEasy’s price index for condos and co-ops was the lowest since 2015. Price cuts increased 2.9 percentage points Y-O-Y.
Even with price cuts, though, “purchasing a home in Manhattan is still too expensive for many in this market,” said StreetEasy’s Nancy Wu. “Many would-be buyers are opting for the flexibility of renting in some of the most expensive areas of the city,” resulting in “an unusually competitive winter rental season.”
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