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Real Estate

Rental prices down this month in Manhattan: Report

Emerald Green, an apartment building located at 320

Emerald Green, an apartment building located at 320 W. 38th St. Photo Credit: Anthony Lanzilote, 2013

If you want to rent a new apartment in Manhattan, now is the time to do so, according to the real estate company MNS.

Overall rental prices in Manhattan are down this month for the first time since July. They dropped from their 13-month high of $3,905 in October to $3,797 in November, an MNS market report released yesterday found.

The rental market fluctuates 6-9% throughout every year, MNS CEO Andrew Barrocas said, reaching its lowest prices in the winter.

However, despite being down this month, rents are up from a year ago, with units in Murray Hill, the Financial District, TriBeCa, Gramercy and midtown west experiencing double-digit rent jumps in the last year for one-bedroom apartments.

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