It's been a year where the impossible has become a casual Tuesday, usually for the worse, but we have some tentative good news.
Rent prices in NYC are apparently falling.
We say tentatively because we feel like if you say something like that with conviction, it'll act like a jinx– we just don't want to ruin it, guys!
As reported by Slate, the listing tracker Streeteasy shows that the share of rentals in NYC that took a price cut was over 42%, which hasn't been so high since December 2010. Citi Habitats reports that the vacancy rate in Manhattan is at 2.1%, which is at an all-time high since 2009.
In short, it's beginning to look a lot like the Great Recession.
It's not too easy to pinpoint why it's a renter's market right now, but NYC's rent will always be a hot topic for conversation starters, thinkpieces, and broadway shows.
One sign of the shift, at least, has been more widespread "concessions" offered by landlords. For example, a number of buildings in Downtown Brooklyn offer a couple of months free rent, while leaving the monthly rent the same.
Citi Habitat also reports that 27% of Manhattan transactions feature similar concessions, which has doubled from just last year.
However, these don't reflect in rent data, which makes different reports unreliable. Basically, there are no sweeping generalizations anyone can make about NYC rent trends with certainty.
Slate suggests that if our rental bubble pops, it could be a warning to other cities like Los Angeles. But we're gonna assume that L.A. will take that as seriously as the United States took Brexit.
Just saying, New Yorkers are due for some good luck, especially since, you know, over half of us literally can't afford emergencies.[via Slate] [Feature Image Courtesy thumbpress.com]