The rent prices in real estate in Montauk, in the New York region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Montauk has had a strong fall during the last 6 months. In May, the average price per sq.feet was $44.31. In the following month the price per sq.feet fell to $40.03. The price for the following two months in (July, August) had a considerable fall of 72 with regard to the previous two months. The price per sq.feet has had a considerable fall of 29 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $36.21 to $10.56 during September, and October.
When referring to the price in Montauk (cities), this has fallen considerably in the last 6 months. In our first sample month during May, the average price is $31,760. In June This price remains at $32,779. During the following two months (July, August) the average price fell 90 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from $30,583 to $19,106.5, which means a 62 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $19,417 they are 54 % more affordable than the average price for Montauk . The properties with the highest average price have 4 bedrooms, Their price is 26 % more expensive than the average. After that we have properties with 3 bedrooms priced at $15,484.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $8 / sq.feet, with an average $8.72 / sq.feet price in Montauk. The properties with the most expensive average prices have 2 bedrooms. They are 278 % more expensive than the average followed by properties with 3 bedrooms with a price at $21 / sq.feet.
The graph displaying the average rent prices displays the property type "Apartment" as the most affordable one. At an cost of $19,417 it is 0 % more affordable than the average price in Montauk. "Commercial" is seen as the second most affordable property type. The most expensive property type is "House" followed by "Land". At a price of $34,078 it is 137 % more expensive than the average price.
According to the average cost per sq.feet, the least affordable property would be "House" at an average price of $19 / sq.feet followed by "Land" priced at $73 / sq.feet. "Commercial" is the most expensive type of property with a $117 / sq.feet value followed by "Apartment" with an average price of $97 / sq.feet.