MANHATTAN (PIX11) – If you’re on the apartment hunt in Manhattan, we have some good news for you.
A new report found for the first time in two years, median rent prices have dropped in the borough. It’s down 3.1% to about $3,100 a month.
One of the main reasons for the drop is that people are moving out to Brooklyn and Queens. Others reasons include more people opting to buy homes instead of rent and the unemployment rate in New York City.
Compared to the other boroughs, Manhattan apartments are on the market for an average of 45 days longer.
The dip is not expected to continue. Rents should level off at their current level as experts say that rents can’t get much higher than they are currently.