$ENTS FOR YOUR DOLLAR

So the unthinkable happened. Apartment rental prices in the city….came down.

During the time I was searching this past summer, prices for an apartment in a full service building would be in the area of $3200+ for a 1 bedroom and around $2500+ for a studio.

For instance, price in a full service financial district building has gone down to the unheard of $2500 for a 1 bedroom, most of which were not over the price of $3k. Studios have gone down to $2200+.

Taking a look at the sublets available on craigslist, there’s plenty of people trying to unload their overpriced apartments they signed for during the financial heydays of last year.

Vacancy rates have increased 1.3-2.0% with financial district being the highest vacancy and West Village being the lowest. Anyone with a basic understanding of economics will understand that with higher vacancy, comes less demand and thus decreasing prices. Question remains, HOW LOW CAN IT GO.