Prices Dip for 2- and 3-Bedroom Apartments in Manhattan and Brooklyn

July 24, 2024 | John Mudd

(DNAINFO) Amy Zimmer | February 9, 2017 — Larger apartments saw bigger price dips and more landlord concessions, a report found.

If you’re looking for a two- or three-bedroom rental in Manhattan or Brooklyn, now may be the time to find a “deal.”

These larger apartments had the biggest price dips or highest amount of concessions — when landlords pay the broker’s fee or offer a month or two of free rent — in both boroughs, according to a January rental report from Douglas Elliman released Thursday.

In Manhattan, where more than 30 percent of rental deals included some sort of concession from the landlord — a record high — two-bedrooms led the pack, with nearly 35 percent of such deals including incentives, according to Jonathan Miller, who authored the report.

While the median price for two-bedroom units remained stable compared to the same time a year ago, at $4,595 a month, the median price for a three-bedroom dropped nearly 7 percent to $5,500 a month.

In Brooklyn, these larger apartments saw the biggest price drops, too.

The median for a two-bedroom fell nearly 4 percent to $3,025 a month and for a three-bedroom, the median dropped nearly 8 percent to $3,318 a month.

 

Source: Prices Dip for 2- and 3-Bedroom Apartments in Manhattan and Brooklyn – Gowanus – DNAinfo New York

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