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Manhattan apartments are reaching for the sky, in more ways than one.
The echo from all the media is deafening. Apartments in NYC have never been more expensive.
Bloomberg Business Week say’s “Manhattan Apartment Rents Approach Peak”. They say that the median rent rose 7.1% in the first quarter of 2011 to $3,100. According to Bloomberg, the peak median rent was $3,265 at the end of 2006. Adjusted for inflation, that rent would be $4,113 in today’s dollars.
Bloomberg also quotes the Citi Habitats quarterly report, saying average rents it a record high of $3,41 in March of this year. According to Citi Habitats, the previous high was $3,394 in May of 2007.
We also gleamed this little tidbit from the Bloomberg article;
Across Manhattan, rents at buildings with doormen started at an average of $2,510 a month for studios. Studios in buildings without elevators rented at an average of $1,955, while one-bedrooms in those properties leased for an average of $2,561.
Apartments in newly constructed buildings rented for a median of $3,995 in the quarter, an 11 percent increase from a year earlier.
The downtown neighborhoods of Soho and Tribeca commanded the highest rents, with studios leasing for an average of $2,398 and one-bedrooms for $3,891.
On the Upper West Side, average rents ranged from $1,871 for a studio to $6,080 for a three-bedroom apartment.
Meanwhile, Crain’s New York Business ran with this headline:
Manhattan apt. rents at or near record high
And WNYC‘s Tracey Samuelson uses the headline:
New York City Rents Rise 9 Percent
Her opening line says it all; “New York City’s already an expensive place to live — and it’s only getting more expensive, especially if you are renting in Manhattan.”
Metro.us gives us this headline:
Skyrocketing rents in NYC hit a decade high
“It’s not just your landlord. If rents always seem to be creeping up, it’s because they are: Last month, Manhattan rents hit their highest price of the past 10 years, according to a new report out today”.
So what’s the bottom line? obviously, rents have jumped up dramatically. The rental season has gotten off to an early start due to the warmer than normal weather. And with employment on the mend in NYC, we are about to see the summer rental season turn into blood sport. It’s going to get nasty this summer! New York, we really have to love you to put up with all of this.
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