Manhattan rents down except for one-bedrooms 

New York /
Apr.April 14, 2008 03:44 PM

The average rent for a studio, two- or three-bedroom apartment in Manhattan was down in the
first quarter, compared to the year before, according to a quarterly report
from brokerage Citi Habitats. Only the average rent for a one-bedroom home
increased. 

A three-bedroom apartment in Manhattan
had an average rent of $4,665 per month, a 7.6 percent fall from the opening
quarter of 2007. The average rent for a two-bedroom showed a smaller drop, down
4.9 percent to $3,648 per month over the same period. 

The average rent for a studio in Manhattan
fell 2.1 percent to $1,849 per month last quarter, from $1,890 per month in the
first quarter of 2007. 

The average rent for a one-bedroom apartment posted an increase of 3.7
percent to $2,608 per month in the first quarter of the year, compared to
$2,515 per month a year earlier. 

Meanwhile, the residential rental market’s vacancy rate reached 1.30 percent
in the first quarter, up from 1.13 percent in the fourth quarter of 2007 and
1.12 percent in the first quarter of 2007.

 

Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Equity Distribution Acquisition Corp. chairman Sam Zell (Getty)
Sam Zell-backed SPAC fizzles
Sam Zell-backed SPAC fizzles
Florida Showcase speaker spotlight: Michael Shvo
Florida Showcase speaker spotlight: Michael Shvo
Florida Showcase speaker spotlight: Michael Shvo
Miki Naftali with 215 West 84th Street (Getty, Corcoran)
Naftali takes hit in battle with UWS holdout
Naftali takes hit in battle with UWS holdout
Louise Blouin with 366 and 376 Gin Lane (Realtor, Getty)
Art publisher wants $150M for Southampton estate
Art publisher wants $150M for Southampton estate
Jean-Georges Vongerichten and 99 Prince Street in Manhattan NYC (Getty Images, Google Maps)
Jean-Georges’ Mercer Kitchen closing after 25 years
Jean-Georges’ Mercer Kitchen closing after 25 years
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...