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Rents Falling Down in New York City

Amidst the gloomy picture of economic downturn, there is a ray of hope for the seekers of rental homes in New York City. Renters can now pay less and even avail a month of free stay in their rented homes at many locations in New York City.

According to the Real Estate Group, there has been a drop of 5.7 to 6.53 percent in the rental rates of one bedroom homes, while the same for two-bedroom apartments increased slightly by just 0.61 percent.

Although rental prices are falling down everywhere in the city, Manhattan seems to be the new destinations for a large number of renters owing to the steepest price fall of rental homes.

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