March residential rents show little change from previous month: report

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Manhattan rental prices were relatively stagnant over the past month, according to the Real Estate Group NY’s March market report, which measures activity from mid-February to mid-March. The average rent increased by just .45 percent month-over-month, but showed strong gains over March 2010, with rent up 7.84 percent from a year ago. The priciest average rent was for two-bedroom doorman units in Soho, which asked $8,173 a month, while the least expensive was for Harlem non-doorman studios, which fetched an average of $1,593 a month. The data is compiled by TREGNY from a cross-section of 10,000 available listings in Manhattan, each with rents below $10,000. TRD