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Manhattan Rents Soar to Within $1 of Record Levels

with 10 comments

A Manhattan View: Getting More Expensive

A Manhattan View: Getting More Expensive

 

NEW YORK — As the economy improved and companies started to hire again, Manhattan rents soared 8.6 percent last year to bring them within $1 of record levels.

The average price for an apartment is now $3,309, representing a $263 increase from the previous year.

That figure was within striking distance of the record high of $3,310, set before the economy tanked in 2007.

Even at these prices, good luck even finding a place.

Vacancies are at 0.96 percent, down from 1.16 percent in 2010, according to the New York Post.

More desirable neighborhoods command an even greater premium. The Post writes:

It doesn’t matter which neighborhood you want to live in: Studio rents rose an average of $199 a month in Chelsea … to $2,332; they jumped $237 in Midtown East … to $2,014; and went up $144 on the Upper West Side … to $1,908, for example.

The latest figures continue a trend of rising rents and falling vacancy rates.

Even when looking at sales, New York has bucked the trend of declining home prices.

It’s a helluva town.

 

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Written by Bruno

2012.01.14 at 10:16

10 Responses

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  1. […] a bit of a perfect storm if you’re able to buy, especially with Manhattan rents within $1 of record highs and vacancy rates below 1 […]

  2. Sadly, these soaring prices is one of the top reasons we moved from our beloved city.

    Nareen Luz Rivas

    2012.01.20 at 05:15

    • Nareen! I had no idea you had left New York until your comment (and reading your “about” page). Albany is such a pretty area, though! Did you guys go to college up there?

      Bruno J. Navarro

      2012.01.20 at 22:35

      • Bruno. I graduated from SUNY Oswego and have friends in the area so I’m familiar with the area. Upstate is beautiful and in the summer and Fall it’s a photographer’s paradise. If you ever come up our way you are more than welcome to visit : )

        Nareen Luz Rivas

        2012.01.21 at 01:15

  3. […] the opposite, in fact, if you’re looking at rentals. The average rent in Manhattan climbed to a near-record high of $3,309 at the end of 2011, while vacancy rates in the neighborhood […]

  4. […] goes up in the spring, the rental market is at its height over the summer and luxury properties tend to spend less time on the market than do studios or […]

  5. […] goes up in the spring, the rental market is at its height over the summer and luxury properties tend to spend less time on the market than do studios or […]

  6. […] Asked by Trulia user Crazykenny, the query was an interesting one whether talking about sales or rentals. […]

  7. […] approached a record high in January, Manhattan rents continued their upward trend in February, making the average price of an apartment […]

  8. […] even within a single metro area, typically have local submarkets. Take New York City, for example. Renting in Manhattan is more affordable than buying. But in suburban Westchester County just miles to the north, buying […]


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