Manhattan rents show year-over-year improvement: report

Average rent for Manhattan apartments is on the rise, according to the Real Estate Group NY’s latest rental market report, which measures data mid-month, despite recent rental reports that reflected a flatter market. The January report, released today, shows that the average rent was up 7.8 percent compared to the same time a year ago, climbing to $3,332. Harlem proved to be the most affordable neighborhood covered in the report, which is based on data cross-sectioned from over 10,000 currently available listings located below 155th Street, with average rents as low as $1,348 for a non-doorman studio in the neighborhood. Soho clocked in with the priciest average rent, with $7,909 recorded for two-bedroom doorman units. TREGNY’s data contradicts two recent reports from Prudential Douglas Elliman and Citi Habitats. The first showed a 7.7 percent decline in average rents year-over-year in the fourth quarter, while the second showed a more modest growth than what TREGNY is reporting in the overall market. TRD