Upper East Side rents fall

Rental apartments on the Upper East Side are becoming cheaper, brokers say. Dan
Marrello, a managing director at Citi Habitats, said a year ago, a
renter couldn’t find a studio for under $1,500 a month in the neighborhood,
but now a studio can be found for between $1,000 and $1,400 a month. Many
of the cheapest rentals, however, are far east, located in walk-up
buildings and have few amenities. According to Citi Habitats’ May
market report, the average studio price on the Upper East Side was
$1,619 per month, down $300 from last year’s average, and almost $150
cheaper than the citywide average in May. The average rent for
one-bedrooms in May was $2,190, $250 cheaper than the citywide average.