Manhattan rents creeping up, but some bargains remain

Source: TREGNY

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Manhattan rents continued to climb this month, while certain segments of the market became even better bargains, according to an April Manhattan rental market report by the Real Estate Group NY (see the full report below). Across the borough, rents as of mid-April were up 1.10 percent over rents in mid-March, the report says. For those on the hunt for two-bedrooms and who don’t mind foregoing a doorman, rents dropped another 0.36 percent month-over-month and 1.38 percent year-over-year. On the Upper West Side in particular, such units became 6.64 percent cheaper than they were in mid-March, averaging $2,906 — their lowest price in more than a year. Chelsea’s one-bedroom non-doorman apartments are another bargain for renters, with prices down 3.88 percent since last month to $2,675 per month, on average. While “the market will continue to gain ground” on increased activity in the summer months, the report says, “it seems that it may take longer than landlords anticipated to recover their losses.” TRD

Tregny Report

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