July 20, 2010 11:00AM – The Real Deal
The Manhattan residential rental market showed modest improvement over the last month, with inventory declining and rents climbing in both month-over-month and year-over-year comparisons, according to the Real Estate Group NY\’s July report, which measures rental activity from June 15 to July 15 (see full report below). The largest year-over-year rent hikes were seen amongst non-doorman studios, which averaged $2,077 per month, up 6.06 percent from July 2009. Meanwhile, prices for studios with doormen, averaging $2,367 per month, rose by just 1.29 percent — the smallest increase of the apartment types. Neighborhoods still offering deals even as the overall market rebounds include the Lower East Side, where non-doorman, two-bedroom units saw rents fall 9.52 percent in July to $2,770 per month and Harlem, where rents for two-bedroom units with doormen declined by 9.69 percent to $2,345 per month — the lowest price since TREGNY began tracking data for the neighborhood in 2008. The data reflects trends from roughly 10,000 listings in TREGNY\’s proprietary database in the borough, all priced under $10,000 per month. Overall, vacancies declined by 0.78 percent month-over-month in Manhattan, which TREGNY attributed to recent college graduates entering the rental market and to would-be intra-borough renters who are now staying in Manhattan as landlord incentives in the outer boroughs have decreased. In a recent second-quarter rental report, Prudential Douglas Elliman found that although rental activity had returned to pre-recession levels, average rental prices were relatively flat in Manhattan, declining 3.3 percent on a year-over-year basis but increasing 12.3 percent on a per-square-foot basis quarter-over-quarter. TRD
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