Rents up 8% in Manhattan

After what’s seems like a long, cold, lonely winter, there’s good news on the horizon. Well, for owners anyway. Apartment rents are up 8% from last year. And leading the way are studio apartments with doormen–up 10.3% from 2010.

Comparing rents to the same period in 2008 is testament that the rental market is  gaining stability. 2011 numbers are a mere percentage point behind rental prices three years ago. Considering the brutal blow the market took, close to total recovery isn’t bad.

Rents are expected to remain strong as the spring brings move-ins. But keep in mind the whole supply and demand rule. Restoration of the rental market is due in no small part to the lack of apartments for sale and trepidacious lending environment. Sales are positioning themselves for their own comeback, which is likely to keep the rental market in check.

Source: Crain’s, The Real Estate Group New York

« Proposed Penn South Rail Tunnel Would Demolish An Entire City Block | Home | What Can You Get for $90,000 a Month in Manhattan? »