Rental prices flat in Manhattan

By Adam Pincus | June 25, 2008 01:11PM

Rents for Manhattan apartments remained generally flat in June compared to last year, according to a monthly survey by the brokerage Real Estate Group of New York.

Prices for one-bedrooms in non-doorman buildings dropped the most, by 4 percent to $2,859, while studios in non-doorman buildings rose by 2.1 percent to $2,190. Two-bedroom prices fell by 1.8 percent to $4,069.

In doorman buildings, studios showed a .2 percent drop to $2,642; one-bedroom increased 1 percent to $3,786; and two-bedrooms fell by 1.1 percent to $5,700.

“There are many places in which prices are still holding steady, however, inventories are not being absorbed as quickly as in prior years and the general tone of the market seems to be a bit skeptical,” Daniel Baum, chief operating officer of the Real Estate Group, said in a statement. “Many building owners are offering owner-paid fees, a move generally reserved for down markets.”

Comments are closed.