ICYMI: Median Manhattan Rent Dipped Slightly In 2017, Report Says

NEW YORK, NY — The median rent in Manhattan has dipped slightly so far in 2017, compared to the same time last year, according to new report looking at real estate trends in New York City. For more New York City news, sign up for Patch news alerts here.

In February 2016, the median rent in Manhattan was a hefty $3,382; a year later, it's dipped ever-so-slightly to $3,350, according to Douglas Elliman’s February market report. The drops are more considerable when you break down the rent prices by apartment size.

According to the report:

• The median rent for a studio in Manhattan decreased 2.6 percent in the last year, from $2,568 to $2,500.
• One-bedrooms dropped 1.3 percent, from $3,395 to $3,350.
• Two-bedrooms dipped 5.2 percent, from $4,746 to $4,500.

The other good news: Manhattan landlords are still adding a lot of freebies in an attempt to sweeten the deal. Faced with a lackluster market, landlords are eating the broker's fee or throwing in a month of free rents to encourage hesitant prospective tenants to sign on the dotted line.

Lead image via Shutterstock.