Q: I live in a bedroom in Washington Heights, Manhattan, with a lease expiring in April. My management company says it won’t increase my rent if I renew, but it won’t offer a rent reduction either. I would love to live in the East Village, but the apartments I have seen are more expensive and smaller than what I have now. So, should I stay or move?
Rents continued to fall in New York City through the end of 2020, with the median rental price in Manhattan falling 14.4% year-over-year to $ 2,957, according to a Douglas Elliman Report. But the fourth quarter of 2020 also saw a slew of new lease signings – in Manhattan, they nearly doubled from December 2019 to December 2020 – possibly signaling the end of the slide. So if you don’t act now, are you going to miss an opportunity to make a deal? Not necessarily.
“The natural assumption is that all of these people come back or move, that we get to the window closing,” said Jonathan J. Miller, president of Miller Samuel Real Estate Appraisers and Consultants and author of The Elliman Report. “I described this as a small step in the right direction, but it doesn’t imply imminence…
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