Lower East Side Saw Biggest Rent Decrease in NYC in 2016: Report

LOWER EAST SIDE, NY — Lower East Side rents saw the biggest price change in 2016, according to the Manhattan Rental Market Report issued by MNS Real Impact Real Estate Wednesday. The report found rents went down 7.8 percent from Nov. 2015 to Nov. 2016.

The report states the following about rent trends in the past year on the Lower East Side:

• Non-doorman, one-bedroom: rent decreased .8 percent
• Doorman, one-bedroom: rent decreased 5.1 percent
• Non-doorman, two-bedroom: rent decreased 14.1 percent
• Doorman, two-bedroom: rent decreased 16.9 percent
• Non-Doorman Studios: rent increased 2.5 percent
• Doorman studio: rent decreased 14.2 percent

A non-doorman studio was the only rent that increased in the past year, at 2.5 percent.

The report states that the Lower East Side comes in fourth as the "lowest inventory neighborhood in the borough", as it has less apartments on the market this month compared to other areas. The Lower East Side makes up only 2.1 percent of the total units in Manhattan, behind SoHo, TriBeCa and Battery Park City.

This makes the Lower East Side susceptible to larger price swings, the report says.

In comparison, while Lower East Side prices dropped 7.7 percent, rent prices in SoHo increased by 7.76 percent, the report shows.

Non-doorman studios showed the biggest price jump in all of Manhattan, with a 7.6 percent increase. In Nov. 2015, the average non-doorman studio cost $2,418, while in Nov. 2016, the average cost was $2,601, the report states.

A doorman, two bedroom apartment showed the largest price decrease in Manhattan, at a 3.6 percent drop. In Nov. 2015, the average doorman, two bedroom apartment cost $6,246, compared to $6,020 for Nov. 2016.

Read the full report here.

Shutterstock Photo