Rental Market Gains In Manhattan, Report Says
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
With lowering inventory and high demand, Manhattan’s rental market saw across the board gains in the third quarter, according to a report released yesterday from Citi Habitats. The average monthly rate for a studio apartment was $1,978 in the third quarter, a 4.8% increase from the same period in 2006. One-bedrooms were renting for an average of $2,613 and two-bedrooms were renting for $3,763, increases of 4.4% and 5.6%, respectively. The average rate for three-bedrooms, $4,910, was only a 0.7% increase from the third quarter of 2006. TriBeCa had the highest rental rate at $2,454, while Washington Heights had the lowest at $1,138, according to the report.
