New York Rents Up, But Still a Renters Market
It's still a renter's market in Manhattan despite recent reports that rents are up -- slightly.
According to the Real Estate Group NY's March report, average rents increased .62 percent month-over-month, but were still down 1.52 percent compared to figures from last year. Culled from about 10,000 listings, all priced under $10,000, in TREGNY's database, showed significant gains in average rent price for lower Manhattan units, particularly those with doormen.
Lets take a closer look.
Doormen one-bedrooms in Battery Park City, the Financial District and the Lower East Side showed gains of 5.71 percent, 2.74 percent and 3.7 percent respectively.
Citi Habitats' February market rental report, which includes only apartments leased by Citi Habitats, found the average monthly rent for a studio increased 2 percent to $1,756, from $1,725 the previous month. Both figures are down from February of last year. Average rents for one-bedroom apartments increased by 1 percent from the previous month, with rents rising to $2,335 from $2,318; these rents fell 3 percent from the same period last year.
However numbers don't tell the whole story, as a quick scan of Craigslist and broker listings will show. Halstead, for example, had 42 listings two days ago (down to 30 this morning), both studios and one-bedrooms for $1500 and under. Included were two one-bedrooms in the East 80s for $1500 (yes, both were walk-ups), as well as a studio in Washington Heights for $1,000 and a two-bedroom walk-up in West Harlem for $1313. Many of the listings were no fee.
Corcoran also had some interesting listings, including a junior one-bedroom walk-up in the Sutton Place area for $1600 and a 400 square-foot studio in a full-service building on West End Avenue for $1600 (with the offer of a long lease).
So while rental averages may be inching up, there are still plenty of good deals to be had. Said one broker: "Many landlords are paying broker fees and giving the kind of concessions we haven't seen in a long time-like one-month free rentals and free utilities."
Look in our listings for great rental apartments in New York.