Report shows Manhattan rents still rising

Jul.July 23, 2008 12:39 PM

Even in a down market, some landlords are still upping rents, according to the Real Estate Group’s July Manhattan report.

In the Financial District, which tends to have high vacancy rates, rents in doorman buildings increased 3.3 percent for studios, 4.2 percent for one-bedrooms and 2.6 percent for two-bedrooms, compared to last month. The only decrease the neighborhood had was a 3.5 percent fall in non-doorman two-bedrooms.

Apartments in doorman buildings in Harlem, the Upper West Side, Midtown West and Tribeca all saw average rents increase.

On average citywide, rents in doorman buildings increased and non-doorman buildings decreased compared to June. The average rent for a studio apartment in a doorman building increased .35 percent to $2,561 per month; average rent for a studio in a non-doorman building fell .52 percent to $2,115 per month.

The average price for one-bedroom apartments in doorman buildings was up 1.0 percent to $3,692 per month, while the rent for one-bedrooms in non-doorman buildings fell .65 percent to $2,765 per month.

Two-bedroom units in doorman buildings increased in price by 1.2 percent to an average of $5,560 per month, while those in non-doorman buildings fell 1.4 percent to an average of $3,896 per month. TRD

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