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.
Photo credit: Beraldo Leal