Despite the seasonal cooling of the residential rental market come the winter months, Manhattan rents barely flinched, according to a Manhattan rental market report released today by MNS, as prices dropped just 0.2 percent in November compared to the prior month. The rental market in Brooklyn showed similar strength, according to another report from the brokerage.
Rents for two-bedroom Manhattan apartments actually increased by about 0.4 percent to an average of $5,500 per month. Meanwhile, rents for studios and one-bedrooms stumbled just 0.47 percent and 0.73 percent, respectively.
Rents fell furthest in the Financial District, according to the report, as high inventory levels pushed prices down 3.3 percent. Gramercy also experienced a noticeable 2 percent drop in prices.
Since last November, the larger the Manhattan unit, the more the price has increased. In non-doorman buildings, studios rents rose 5.1 percent to $2,223, one-bedrooms gained 8.3 percent to $2,952 and two-bedrooms increased 18.6 percent to $4,267. In doorman buildings, studios became 7.8 percent more expensive, averaging $2,679 per month, while one-bedroom and two-bedroom units saw upticks of 10.4 percent and 12.6 percent to $3,797 and $5,838, respectively.
Brooklyn rents barely budged, as well, according to MNS’ Brooklyn November report. The average studio price fell 0.3 percent to $1,717, one-bedroom average rents rose 0.5 percent to $2,310 and for two-bedrooms remained essentially unchanged at $2,895 per month. Crown Heights showed the biggest rent gains with studios and one-bedrooms increasing 7.5 percent this month. Dumbo, which remains the borough’s most expensive neighborhood, saw rents decline 2 percent.
Year-over-year, Brooklyn studio rents rose 4.2 percent, one-bedrooms jumped 10.4 percent and two-bedrooms increased 7.9 percent, according to MNS.
MNS’ reports are based both on the brokerage’s own data, and information compiled from REBNY listings, OLR and R.O.L.E.X. – Adam Fusfeld