For apartment searchers, the sense that it was poor timing to attempt a move because so few apartments are available now may be an inevitable fact. In May of this year, the percentage of Manhattan apartments for rent hit its lowest rate in the past five years.
Once known in real estate for being home to college students and recent grads, or those living a more bohemian lifestyle, the East Village is now drawing more diverse and moneyed tenants. With peak rental season upon us, the average percentage of East Village apartments for rent was 0.69 percent in May – the same as the citywide average.
Rental prices have increased by at least $100 per month in accordance with the decrease in availability. This means fewer incentives – the no fee apartment in the East Village that was available for rent last year, may now come with a broker fee. However, an East Village apartment with more than three bedrooms is likely to be more affordable. The average price has dropped from $4,875 to $4,400 over the last year.
Rising rents can also be attributed to higher-end product, not just Manhattan real estate market conditions, with more luxury units in the East Village.