Manhattan Apartment Rent Is Falling Across the Board

March 10, 2017, 1:26 PM UTC

Now’s the time to find a new apartment if you live in New York City.

The median rental price in Manhattan slid nearly 1% to $3,369 in February as compared to a year earlier, as apartment vacancies rose 0.13%, a Thursday report from Douglas Elliman and Miller Samuel revealed.

When broken down into apartment sizes, rentals fell across the spectrum. In comparison to the same month in 2016, the median rent for studios was down 2.6%; one-bedrooms fell 1.3%; two-bedrooms dropped 5.2%; and three-plus bedrooms fell 2.7%.

Significantly fewer people sought out a new lease, according to the report. That figure was down nearly 28% in February on a year-over-year basis.

“Landlords were more effective on tenant retention at time of renewal,” the report read.