Rent is falling all over Manhattan
Ever dreamed of living in the Big Apple but heard that it’s almost impossible to find a place to live that’s even remotely affordable? Well now may be your chance as rent is falling across the board in Manhattan. According to a report from Douglas Elliman and Miller Samuel, apartment vacancies went up .13 percent and the median cost of rent fell to $3,369, almost a one percent difference from the previous year.
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Part of the reason for this is because 28 percent fewer people sought out a new lease this year, as landlords did better on retaining their current residents. This just might be the opportunity you’ve been looking for to live in the ‘big’ city.