The Real Deal New York

One, two-bedroom rents up in April

April 23, 2008 02:32PM
By James Kelly

Average rents for one- and two-bedroom apartments in Manhattan rose in
April from the month before, according to a report by the Real Estate
Group New York. The increase is indicative of the market’s spring
rebound, and may temporarily allay some landlord fears that
problems in the financial services industry will cause the rental market to
tank. At the same time, however, average rent for a
studio apartment fell, after a brief uptick in March.

The average rent for a non-doorman one-bedroom was $2,800 per month in
April, up slightly from $2,792 last month. The average rent for a
non-doorman two-bedroom rose to $3,913 per month this month, from
$3,858 per month in March.

At the same time, the average studio rent for non-doorman buildings
declined slightly to $2,037 per month in April 2008, from $2,059 per
month the month before.

The changes in average rent in April were similar for units in doorman
buildings.

The market report surveys over 10,000 listings south of 155th Street,
excluding properties over $10,000 per month which would skew the
average.

Compared to a year prior, apartment rents in non-doorman buildings
climbed 2.3 percent for studios, 4.1 percent for one-bedrooms and 3.5
percent for two-bedrooms.

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