Manhattan rents increased in February: MNS

But in Brooklyn, rents fell slightly

TRD New York /
Mar.March 07, 2013 01:30 PM

Manhattan rents more or less stayed the same in February, compared to the previous month, according to the latest Manhattan rental market report issued today by brokerage MNS. The overall average rent inched up by 0.92 percent, marking a total increase of $34.66 per month. However, year-over-year, the average rent rose 5.45 percent, representing a $196.32 climb.

However, increases are expected to rise in the near future, as the second quarter typically ushers in higher demand for housing, MNS said.

Broken down by type, the average rent for one-bedrooms in non-doorman buildings increased 0.64 percent month-over-month in February, while one-bedroom rentals in doorman buildings increased by 0.23 percent during the same period. For two-bedrooms, those in non-doorman properties increased by 0.47 percent month-over-month — the same as those in doorman buildings. However, studios in doorman and non-doorman buildings posted respective average rent declines of 2.54 percent and 0.6 percent month-over-month.

Since the previous February, similar apartments posted gains in rent spanning from 1.6 percent for non-doorman building studio rentals to 5.7 percent for one-bedroom rentals in doorman buildings.

Harlem ranked as the least expensive neighborhood for rentals. For example, non-doorman studios in the area had average rents of $1,520 per month, and doorman studios rented for an average of $1,749 per month. However, average rents for non-doorman one-bedrooms, doorman one-bedrooms and non-doorman two-bedrooms increased by 4.3 percent, 1.4 percent and 2.8 percent, respectively, month-over-month.

Tribeca ranked as the most expensive neighborhood for non-doorman studios, one- and two-bedroom units and doorman studios. Indeed, Tribeca posted a whopping 88.5 percent increase in the average rent for non-doorman studios.

Across the bridge in Brooklyn, overall rents slipped by 1.96 percent month-over-month in February, with overall Brooklyn rent falling to $2,478 per month from $2,527 in January. Studios showed the largest decline at 3.2 percent month-over-month, whereas one-bedrooms slipped 2.04 percent and two-bedrooms fell 1.14 percent.

Bushwick was an exception, representing the only Brooklyn neighborhood to post double-digit increases in average rents in February, with a 17.2 percent rise month-over-month. —Zachary Kussin


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