Curbed has a great report on rental prices for 2009. The report shows a drop of 5-8 percent depending on size of apartment and whether it is a doorman or a walked building.

In addition to the actual drop in rent there are many other factors to consider when looking at overall rental prices. First, with the down economy there has been an increase in no fee apartment listings. This can accounting for a 12-15% savings to the tenant by not having to pay a brokerage fee for an apartment.

Additionally, many landlords have been offering between 1 month free and 2 months free rent on their apartments instead of dropping the price of the rent. The Financial District, (Fidi) has been one of the best areas to secure free rent. A majority of the buildings let by those owned by Rockrose and TF Cornerstone, primarilly 2 Gold Street, 200 Water St, and 45 Wall Street are offering 2 months free rent at nearly all of their downtown buildings along with no fee apartments. Other buildings such as 37 Wall, 63 and 67 Wall (The Crest), 95 Wall and mostly followed suit with similar incentives.

Other neighborhoods that have seen bargains have been Midtown, The East Village and the Lower East Side.

The Upper West Side is a neighborhood we have seen an increase in no fee buildings over the last year or two. There are typically 15-30 available no fee apartments in the Upper West Side depending on your price point at any given time.

You can check out the article on Curbed at http://curbed.com/archives/2010/01/04/rent_too_high_09_manhattan_rental_report_has_the_answer.php

For information on finding no fee apartments and free rental incentives throughout Manhattan please contact us at info@newyorknofeeapartments.com or fill out our form below.