The Real Deal New York

Manhattan rental prices down in August

August 22, 2008 08:53AM

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Manhttan’s average rents fell in August, compared to the same time last year, according to The Real Estate Group’s Manhattan Rental Market Report.

Studios and one-bedrooms and non-doorman two bedrooms all saw declines in rent from the same time last year.

The only category that saw a rent increase from last August was two-bedroom units in doorman buildings, which increased 0.8 percent to an average rent of $5,750.

Soho had the most expensive rents in doorman buildings, and Tribeca had the priciest non-doorman building rents.

The biggest growth from July was in one-bedroom apartments in Chelsea, while East Village studios in doorman buildings saw the largest decrease.

The areas that saw overall decreases in average rents were Harlem, Gramercy Park and Soho, while the Upper East Side and Murray Hill recorded the biggest rent increases. TRD

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