Manhattan apartment rents up, vacancies down: report

TRD New York /
Jul.July 20, 2010 11:00 AM
Source: TREGNY

The
Manhattan residential rental market showed modest improvement over the
last month, with inventory declining and rents climbing in both
month-over-month and year-over-year comparisons, according to the Real
Estate Group NY’s July report, which measures rental activity from June 15 to July
15 (see full report below). The largest year-over-year rent hikes were
seen amongst non-doorman studios, which averaged $2,077 per month, up
6.06 percent from July
2009. Meanwhile, prices for studios with doormen, averaging $2,367 per
month, rose by just 1.29 percent — the smallest increase of the
apartment types. Neighborhoods still offering deals even as the overall
market rebounds include the Lower East Side, where non-doorman,
two-bedroom units saw rents fall 9.52 percent in July
to $2,770 per month and Harlem, where rents for two-bedroom units with
doormen declined by 9.69 percent to $2,345 per month — the lowest
price since TREGNY began tracking data for the neighborhood in 2008.
The data reflects trends from roughly 10,000 listings in TREGNY’s
proprietary database in the borough, all priced under $10,000 per
month. Overall, vacancies declined by 0.78 percent month-over-month in
Manhattan, which TREGNY attributed to recent college graduates entering
the rental market and to would-be intra-borough renters who are now
staying in Manhattan as landlord incentives in the outer boroughs have
decreased. In a recent second-quarter rental report, Prudential
Douglas Elliman found that although rental activity had returned to
pre-recession levels, average rental prices were relatively flat in
Manhattan, declining 3.3 percent on a year-over-year basis but
increasing 12.3 percent on a per-square-foot basis
quarter-over-quarter. TRD

 

Related Articles

arrow_forward_ios
(Credit: iStock)

Luxury rents up across the city

US rent payments in the 2010s totaled $4.5T

Why New Yorkers, Californians and others pay so much rent

(Credit: iStock)

Manhattan rents hit highest level in more than a decade

(Credit: iStock)

The city’s rental growth is slowing

The massive meeting held in a suburban casino outside of Utica came at a time when the real estate industry is asking itself some tough questions. (Credit: iStock)

Meet the 400 landlords that are taking rent laws into their own hands

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Olivia Gamber, the farmer-in-residence at Staten Island Urby’s Rabbit Garden

The Staten Island rental that’s luring in renters with tomatoes and hot peppers

Portland, Maine (Credit: iStock)

The states with the biggest share of vacation rentals aren’t where you’d think

arrow_forward_ios
Loading...