NYC rents begin their summer climb

TRD New York /
May.May 31, 2011 02:30 PM

Rents have begun their summer climb, up 0.68 percent overall and 1.12 percent in doorman buildings in May, according to a recent report my MNS, formerly known as TDG/TREGNY. Year-over-year rents were up 6 percent compared with 2010. Inventory was up 2.93 percent for the month overall, however, with a 5.34 percent increase in non-doorman units. Meanwhile, the number of doorman building units fell by 1.89 percent.

MNS reports that rents fell 9.91 percent for Financial District non-doorman one-bedroom apartments. Renters looking for a downtown address should check out the deals before a wave of summer renters snaps up the inventory, the report suggests.

There are still good deals to be found in Harlem. Studio prices fell 7.41 percent in non-doorman units to $1,380, and 6.04 percent to $1,628 in doorman units.

For those considering ditching the roommates, Murray Hill might be a good rental choice. Non-doorman studios dropped 6.13 percent to an average of just $1,872 per month, while non-doorman two-bedroom pads hovered around about $4,000.

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