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Short-Term
Even with a slowing economy and a soft real estate market, some New York City rents are creeping up.
The downtown Financial District, which typically has the highest vacancy rate in Manhattan, has seen rents rise
3.5% on average this year. The Midtown Manhattan neighborhoods, the Upper West Side and Upper Manhattan
/ Harlem apartment rents have also experienced rent increases. The good news is that the rent prices in
Brooklyn, Queens, & the Bronx have remained relatively stable. The outer boro's also tend to have a higher
vacancy rate than Manhattan making it bit easier to find an apartment.
Renter's need to consider every option (even moving to Brooklyn, Queens, or the Bronx) when looking for a new
apartment, as there are many hidden values to be found!
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