There’s hope for New York City renters.
The average Manhattan apartment rented for $3,434 a month in August — $8 less than in July, according to a new market report from Citi Habitats.
And August’s average rental was $27 lower than the $3,461 New Yorkers paid on average in August 2012, when rents were at an all-time high.
The news is good for both landlords and tenants, said Gary Malin, president of Citi Habitats.
“Owners don’t have the ability to raise rents anymore because that would push tenants too far. But the rents are already at high levels,” Malin said.
There’s nowhere higher for the rents to go because of what’s in the news — from geopolitical instability to a “jittery” economy at home and rising unemployment. All are key factors keeping rents from climbing, Malin added.
Another factor is vacancy rates, which rose slightly, to 1.31 percent, in August, up from 1.28 percent in July.
Last month, the average studio rented for $2,071 a month, and New Yorkers paid on average $2,830 for a one-bedroom, $3,923 for a two-bedroom and $5,353 for a three-bedroom.
Citi Habitats also broke down average rents according to the type of buildings the apartments were in.
The average rent in August for a one-bedroom in a walk-up building was $2,701, while it was $3,231 in an elevator building, $3,789 in a doorman building and $4,372 in a new-development building, the report stated.
According to Citi Habitats, Soho/Tribeca were the city’s most expensive neighborhoods, with an average rent of $5,088.
While that may sound high, rents there were still down 4 percent, or $207, from July, when the median rent was $5,295.
Surprisingly, Murray Hill was the toughest place to find a rental, with a 0.97% vacancy level.
From August 2012 to August 2013, rents declined 1 percent for studio apartments and 3 percent for two-bedroom units.
At the same time, rents increased 2 percent for one-bedrooms and 1 percent for three-bedrooms.