From the August issue: New Yorkers are fleeing the city in the scorching summer heat, trading subway cars for the Hamptons Jitney and business casual for bathing suits. Even so, the residential rental market is as sizzling-hot as the temperature, brokers say.
According to a market report released by the brokerage Citi Habitats, the average second-quarter rent for a Manhattan apartment jumped around 10 percent from the same period of 2010. Taking into consideration landlord concessions like a month of free rent, the median net-effective monthly rent paid by Manhattan tenants grew to $2,888 in the second quarter, up from $2,700 in the prior-year quarter, according to a report from Prudential Douglas Elliman.
“The rental market is going absolutely crazy,” said Bruno Ricciotti, a principal at Bond New York Real Estate. In some desirable neighborhoods, he said, apartments are renting for higher prices than they did during the peak of the real estate boom. [more]
Manhattan rentals sizzle in heat wave
Even as New Yorkers exit city en masse for vacations,
residential leasing approaches boom-time highs
August 01, 2011 03:54PM
By Candace Taylor
