It seemed like it would never happen, but after a year and a half of new record highs every month, of 25% average annual increases, 95% broker’s fees, and cuck money, New York City rents may finally be going down. A little bit. Maybe. kvelsey reports
Between September and October, the median rent in New York City dropped 2.3 percent,
, and nationally, rents for one- and two-bedroom apartments were down .07 and .08 percent — the first time in two years that both metrics declined, according toThe rental market has been cooling ever so slightly for the last few months, stabilizing rather than actually coming down. Between August and September, the Manhattan median rent went from $4,100 to $4,022, a decline of 1.9 percent,
. The Brooklyn median rent, meanwhile, was also down a little, falling from $3,500 to $3,495 — so $5, but itpromising after such a brisk and relentless climb . And listing inventory was up for the first time in 11 months. There were still bidding wars, of course, but they fell from 18 to 14.7 percent.
According to experts like appraiser Jonathan Miller, rents have peaked but will likely remain at elevated levels. But this ever so slight cooling might calm down some of the nuttiness we’ve seen over the past year. Bidding wars, for instance, could become a thing of the past, with renters paying no more than the inflated rents landlords set. They might once again be able toon a luxury apartment that’s a hike to the subway and costs more than $5,000 a month.
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