Report: Small Apartments on UWS Keep Getting Cheaper

Average rents for small apartments on the Upper West Side dropped considerably again this month, with studios in apartment buildings without doormen falling more than 5% month-to-month. Larger apartments, however, actually got more expensive, according to the The Real Estate Group of New York (TREGNY), which put out a report on Monday about December rents. Two-bedrooms in non-doorman buildings were actually renting for about 6% more in December than they were in November. (One notable exception for small apartments: one-bedrooms with doormen increased in price by nearly 2% in December). The numbers jump around quite a bit from month to month, however, so it’s difficult to determine whether these trends will last. The report is based on thousands of listings for rentals in Manhattan and omits ultra-luxury apartments.

One other trend the report found: inventories of non-doorman apartments throughout Manhattan jumped about 6% this month, which could lead to cheaper rents in the future. If you’re in the market for a non-doorman rental, you might get a better deal or be able to swing more incentives because landlords are looking to fill their inventory.

The report does not take into account incentives offered to renters to sign a lease. Those incentives have been notable on the Upper West Side in recent months — the new Columbus Square developments, for instance, have been offering three months free rent — though TREGNY says that incentives are starting to go away. In fact, the group seems to think things are looking up for landlords despite a brutal 2009.

“Many of the aggressive incentives that were previously being offered this year have been scaled back and landlords seem to be increasingly comfortable with their situations,” the report states. “Though the outlook for 2010 is still uncertain, the data does offer some hope for improvement.” (Photo by Avi)