New York City’s rental prices do seem daunting at times. Finding an affordable apartment with all of your wants and needs, in your desired neighborhood, feels like winning the lottery.
That’s why this news will excite you; median rents have been slipping in Brooklyn, Queens, and Manhattan in October, according to a recently published article by Curbed NY.
Lower Rents in Brooklyn, Queens, and Manhattan
In Manhattan, net median effective rent has been slipping for the tenth consecutive month of the past twelve, down 0.2 percent to $3,330.
The net median effective rent in Brooklyn went down by 2.9 percent, therefore dropping for the sixth consecutive month to $2,760.
Queens has seen a slip in rents for the third consecutive month, with the net effective median rent down to $2,817.
Vacancy is Up in Manhattan
PC: Photo by Dinesh Boaz on Unsplash
Meanwhile, vacancy in Manhattan is going up. For the first time this year, it’s above two percent, according to Curbed NY. In fact, the vacancy rate of 2.47 percent was at the highest level for an October in at least 11 years. Another indicator that proves that demand is dropping during the winter months.
What’s the effect? Landlords still need to rent out their units, so they have to react to these market changes. Demand is lower during the colder months, which forces landlords to come up with incentives to lure in renters, making more concessions as we move into the winter months.
Concessions to Lure in Renters
The two most common concessions are either through an overall lower rent or one month of free rent. Some landlords come up with perks like free iPads or prepaid credit cards, according to BrickUnderground.
Overall, the market share of landlord concessions in Manhattan has gone up by four percent, jumping up to 28 percent in October. These numbers are likely to rise as it gets colder, looking back at the 30.9 percent record in January this year.
Brooklyn and Queens: Lots of Concessions
In the battle of concessions, Brooklyn and Queens outperformed Manhattan easily. In Brooklyn, the market share of perks provided by landlords was 19.3 percent, a noticeable increase of seven percent.
In Northwest Queens, however, concessions went up by more than 30 percent in October, going up to a 48.3 percent overall market share, hitting an all-time high. Northwest Queens includes the neighborhoods Long Island City, Astoria, Sunnyside, and Woodside. Additionally, face rents (rents without concessions) will have to fall to keep vacancy down.
Make Use of the Winter Months
What does this mean for you? Well, with a bit of negotiating power and a good agent backing you up, you can score a discounted apartment in the coming months.
If you’re serious about finding the right apartment for a lower price, focus on neighborhoods in Northwest Queens and Brooklyn, and watch the market closely to make sure you’re going to get the best deal.