NYC rent drops for third straight month — renters say it's still not enough

Finally, a bit of good news for renters in New York City.

A new report from Douglas Elliman found that rents in the city have dropped for a third straight month. But, don't expect to find pre-pandemic prices anytime soon.

"Prices are no longer rising like a rocket ship. We essentially peaked in the summer," said Jonathan Miller, of Miller Samuel Real Estate.

Miller, a real estate appraisal expert, said last month's average monthly rent in Manhattan ($4,195) was down 3.6% from the month before. Brooklyn's average saw a steeper drop, down 5% from September.

Overall, however, rents are still up a staggering 16% compared to pre-pandemic prices.

"This has been a centuries old challenge in New York," Miller said.

The problem? Not enough housing. It's been a complaint for so long, one candidate of course built a whole political party out of it:

"I represent 'The Rent Is Too Damn High Party,'" Jimmy McMillan's famous slogan went.

But the slogan didn't change the reality. So while the price going down may be a welcome relief for some, it's dropping from such a dramatic height that many say rent remains unbearable.

In a city of sky-high buildings and sky-high prices, Yesenia Polanco and her family feel priced out.

"We were looking at some apartment buildings that were going up on Third Avenue Bridge in the Bronx, and for three-bedroom, two-bathroom, it was $5,900. That seems pretty absurd," Polanco said. "If you and your husband don't have double income you can't afford to live in NYC, so we are looking to move."