The Real Deal New York

The monthly nut: a price breakdown — by neighborhood — on renting versus owning

By Leigh Kamping-Carder | May 07, 2012 10:30AM

From the May issue: To buy or not to buy: That is the question for many New York apartment hunters, particularly as the gap between the monthly cost of owning and renting a home in Manhattan has narrowed. While mortgage rates remain at historic lows, rents continue to rise: the median Manhattan rent hit $3,100 in the first quarter of this year, or 7.1 percent higher than during the same period last year, according to appraisal firm Miller Samuel. In some cases, rents are breaking records set before the financial crisis. [more]