SHOCKER: UPPER WEST SIDE RENTS ARE FALLING

For well over a year, Upper West Siders have been facing an onslaught of rent increases. Month after month, prices kept rising. But in September, prices actually fell for most types of apartments, according to a report from MNS. Yes, you heard that right.

The following kinds of apartments saw month-over-month decreases: Non-doorman studios (-5.4%), doorman studios (-3.5%), non-doorman one-bedrooms (-4.1), doorman two-bedrooms (-0.4%). Two-bedrooms with doormen saw an increase: Doorman one-bedrooms (2.9%), non-doorman two-bedrooms (0.4%).

Check out the changes from last year (rents are still mostly higher on a year-over-year basis):

September 2012

September 2011

NEWS, REAL ESTATE | 4 comments | permalink
    1. Daniela Sciaky says:

      As I read this the rents under “September 2012″ look higher, for the most part, than the rents for “September 2011″. For example the One-bedroom (with doorman) is $3,718 under September 2012 and is $3,598 under September 2011. Were the headings mixed up?

      • admin says:

        You’re right Daniela. We should have been more clear. Rents are down on a month-over-month basis (since August), but still mostly higher on a year-over year basis.

    2. geoff says:

      like all tenants, management of my rent strabilized apartment offers a new lease this year, with increases of 2% this yaer, or 4% this year and 4% next year.

      instinct? take the 2% this year, and take a chance on what will be negotiated at the city level next year.

      is there a science to this that i am missing? only once did i ever take the one year, and it saved me a few hundred dollars, considering the two year offering the following year was reduced from the year before.