NEW YORK — Finally, some good news for renters in New York City.
A new report from Douglas Elliman found that rents in the city have fallen for the third month in a row. But don’t expect to find pre-pandemic prices anytime soon.
“Prices aren’t skyrocketing anymore. We basically peaked in the summer,” said Jonathan Miller of Miller Samuel Real Estate.
Miller, a real estate appraisal expert, said last month’s average monthly rent in Manhattan ($4,195) was down 3.6% from the previous month. The Brooklyn average saw a steeper drop, down 5% from September.
However, overall, rents are still rising a staggering 16% compared to pre-pandemic prices.
“This has been a centuries-old challenge in New York,” Miller said.
The problem? There are not enough homes. It’s been a complaint for so long that one candidate, of course, built an entire political party around it:
“I represent the ‘Rent’s Too High’ party,” went Jimmy McMillan’s famous slogan.
But the motto did not change reality. So while the price drop may be a welcome relief for some, it is falling from such a dramatic height that many say the rent is still too much.
In a city of sky-high buildings and sky-high prices, Yesenia Polanco and her family feel excluded.
“We were looking at some apartment buildings that were being built on the Third Avenue Bridge in the Bronx, and for three bedrooms and two bathrooms, it was $5,900. That seems pretty absurd,” Polanco said. “If you and your husband don’t have double the income, you can’t afford to live in New York, so we’re thinking about moving.”
2023-11-13 15:11:26
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