Residential rental market stagnant: report

TRD New York /
Mar.March 23, 2010 11:45 AM

The Manhattan rental market stayed relatively flat over the last month, according to the Real Estate Group NY’s March report, which measures rental activity from February 15 to March 15 (see full report below). Average rents crawled upward by .62 percent month-over-month, but were still down 1.52 percent compared to figures from the same time a year earlier. The vacancy rate, meanwhile, increased by about 1.21 percent month-over-month. The data, which was culled from around 10,000 listings in TREGNY’s proprietary database in the borough, all priced under $10,000 per month, showed considerable average rental price gains among Lower Manhattan units, with doorman one-bedroom units in Battery Park City, the Financial District and the Lower East Side showing gains of 5.71 percent, 2.74 percent and 3.7 percent, respectively. The East Village, meanwhile, showed gains across the board, with non-doorman studio rents climbing 6.69 percent, doorman studios increasing 7.69 percent and non-doorman two-bedrooms showing an average rent increase of 6.79 percent. According to last month’s Citi Habitats report, the rental market saw small month-over-month rent gains, but an overall decline year-over-year. TRD

Market Report Mar 10

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