NYC Rental Market Picks Up as Landlords Offer Deals

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There was a lot of eye-rolling in the past several months every time one of those, “New York real estate is dead-people are fleeing for the suburbs” stories popped up. Apparently, it’s time for the comeback! The headline in The New York Times Friday read, “New York Real Estate is on the Mend.”

“The city is far from over Covid-19, but residents are returning to find deals on bigger and better apartments for less, especially in Manhattan’s crowded rental market,” The Times reported.

Deals are becoming more common on the Lower East Side. There appear to be plenty of available rentals at Essex Crossing, the mega project in the former Seward Park Urban Renewal Area. According to StreetEasy, you can get three months free for any of eight apartments in “The Rollins” (145 Clinton St.)  At the 815-unit One Manhattan Square condo tower, developer Extell is pitching its expansive outside garden as an enticing amenity. In the spring, Extell announced it was cutting prices in the massive building.

A report from M.N.S. Real Estate shows that prices for non-doorman one bedroom units on the Lower East Side dropped 3.4% from August to September. The picture was similar in many sought after neighborhoods throughout the city. The average price for a 1-bedroom non-doorman apartment in this neighborhood last month was $2,425. Compared with last year at this time, rental prices on the LES are down 15.2%.

Click here to see the full report.