Average rent in Manhattan down as available rentals reach historic lows: study
6 months ago
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NEW YORK (PIX11) – Rent in Manhattan is decreasing, but the availability of rentals has reached an all-time low, according to a study from StreetEasy.
Rental vacancies are at 1.4%, the lowest since 1968, the study said. The Manhattan neighborhoods seeing the biggest rent drop are Battery Park City by nearly 13%, Greenwich Village by 7.6% and Gramercy Park by nearly 6%.
The Lower East Side rent has slowed by 4.6% and rent on the Upper West Side is down by roughly 4%, according to the study.
However, the median asking rent in Queens has jumped by more than 13%.
Erin Pflaumer is a digital content producer from Long Island who has covered both local and national news since 2018. She joined PIX11 in 2023. See more of her work here.
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