Cost of Manhattan rentals rising, study shows

March 3, 2011

A new study indicates it's getting pricier to live in Manhattan.

So you know how Manhattan is notorious for having some of the most expensive real estate around? Well, a new study shows that renting an apartment in Manhattan costs roughly 8% more than it did this time last year.

The report from Real Estate Group NY’s residential rental market report found that the most notable change was for doorman studios, up an average of 10.31%, according to the New York Daily News.

Does anyone want to venture a guess as to how much the average rent for a two-bedroom doorman unit in SoHo is? It’s about $8,130 a month — the highest in the city. The lowest? A nondoorman studio in Harlem averages about $1,452.

The good news is that recent prices have remained stable, showing a small .4% increase since last month.

According to the article:

Even more positive for property owners was the finding that current prices are less than 1% lower than those from 2008, which is “a true testament to the rental market’s resilience over the past three years,” according to Real Estate Group NY.

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Photo credit: Beraldo Leal

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3 Responses to Cost of Manhattan rentals rising, study shows

  1. tel aviv apartment rentals on April 28, 2011 at 5:23 am

    ohh. .. very informative .. now i know some about Manhattan … notorious>?? waaa!! .. i think i dont want to go to that place ..

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  3. Upholstery Cleaning on May 20, 2011 at 10:56 am

    This is fabulous news.  Thanks for sharing with us.

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