By Jill Colvin
DNAinfo Reporter/Producer
MANHATTAN — Apartment rental prices are creeping back up across Manhattan, according to a new report released by The Real Estate Group New York on Wednesday.
Overall, April rents are up 1.1 percent over last month and 0.27 percent versus 2009, the group reports.
"There is good news for Manhattan’s rental market this month," the agency said. “As activity continues to increase this summer, it appears that the market will continue to gain ground."
Still, it cautions that recovery will be slow:
"Given the depths the market fell, in addition to a lack of real employment growth, it seems that it may take longer than landlords anticipated to recover their losses.”
There is good news for Manhattan’s rental market this month
Read more about Manhattan Rental Market Report | The Real Estate Group New York | TREGNY by www.tregny.com
There is good news for Manhattan’s rental market this month
Read more about Manhattan Rental Market Report | The Real Estate Group New York | TREGNY by www.tregny.comAs activity continues to increase this summer, it appears that the market will continue to gain ground,” the group reports. “Yet, given the depths the market fell, in addition to a lack of real employment growth, it seems that it may take longer than landlords anticipated to recover their losses.”
The numbers show that city renters should expect to shell out the biggest bucks to rent in SoHo, where a two-bedroom with a doorman now costs an average of $7,300 a month. In TriBeCa, a non-doorman studio now runs an average of $3,156, and a two-bedroom $6,437.
The least expensive units can be found in Harlem, where a non-doorman one-bedroom now runs an average of $1,516, versus $5,045 for the same set-up in TriBeCa.
But the news for city landlords isn’t entirely rosy. Vacancies are also up across the city, and certain neighborhoods are down.
In Gramercy Park, for instance, the average cost of a one bedroom has dropped 5 percent—the equivalent of $131—since March.
For the best deal, the group advises renters to look to Chelsea, where rents on one-bedroom non-doormans are down nearly four percent.
Good deals can also be found on Non-doorman two bedrooms on the Lower East and Upper West Side.
