If a hot housing market brought rents to boil, the cool-down should cause apartment prices to fall, right? Wrong. In June, the average Manhattan rent topped $5,000, a historical first, according to a report by appraisal firm Miller Samuel for Douglas Elliman. Meanwhile, the borough’s median rent, which reached a record $4,000 in May, edged up to $4,050 last month. Those gains came as surging mortgage rates caused home sales to dip. And where did many of those home hunters end up? The rental market. Rising rents, which have characterized this year’s market, have become increasingly tied to surging mortgage rates, according to Jonathan Miller, report … (3 comments)
Apartment hunting in New York? Brace for an insufferable spring. In the first quarter of 2022, the median Manhattan rent soared nearly $1,000 above last year’s level to a new high of $3,695, according to a StreetEasy report. In part, those jumps reflect the bottomed-out market at the beginning of 2021 when monthly rents fell to a decade-long low and an unprecedented 42 percent of Manhattan units included at least one month of free rent. Today, landlords are conceding little: Two-thirds of those concessions have … (1 comments)
manhattan rental market: Manhattan rental market flat
- 02/24/10 01:13 AM
The Manhattan rental market showed little movement this past month, according to the Real Estate Group NY's mid-month February 2010 report, with rents climbing just .19 percent since last month (see the full report below). While the rate of vacancies continued to decrease, particularly among doorman units, which saw inventory drop 9.65 percent month-over-month, the report describes the market as sluggish. "Downward seasonal pressure combined with positive market trends to hold rents flat this month," the report explained. "Yet… landlords are finding that the bottom of the market is not the reprieve they were hoping for… the rebound is likely to … (3 comments)
manhattan rental market: Renters move back to Manhattan
- 05/12/09 01:57 AM
Great Recession prices are drawing even the most loyal outer-borough dwellers back to Manhattan. The migrants hail from Hoboken, Astoria and the brownstone blocks off Prospect Park, as New Yorkers who found themselves priced out of the gilded isle in the boom years are bidding farewell to long commutes and skinny-jean chic. Among the lures: $1,600 one-bedrooms on the Lower East Side. Lenient landlords who no longer require security deposits. And an overriding sense that an obscenely overpriced borough is now, well, slightly more reasonably overpriced. “There’s a part of me that feels like I’m cheating on Brooklyn,” said Keith O’Brien, … (0 comments)
Mortgage rate hikes driving would-be buyers into rental market
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