Manhattan Apartment Search: Prices Back to Normal
Manhattan was long considered to have an unpoppable real estate bubble and recession-proof powers. But it seemed that one of the nation's worst economic downturns had driven up vacancy rates and made leasing more affordable for renters in the New York borough.
Back in the heyday, only a year ago, New Yorkers could bargain with landlords and maybe have some utilities and a couple months free rent thrown in for good measure. Tenants ready to resign their leases were even requesting (and getting!) lower rents, while others could afford to move into nicer apartments.
But as predicted, the glory days seem at an end for renters. And unsurprisingly, it's starting in pricey and competitive Manhattan. According to The Wall Street Journal, with less empty apartments available to lease on the island, New Yorkers are being forced to scramble to secure even a coveted 500-square-foot studio.
The good times for renters, say real estate experts, are over.