Chelsea’s rental market remains one of the most expensive in Manhattan, according to the Real Estate Group’s 2007 year-end report, but some apartment sizes weathered an erratic year better than others.
Daniel Baum, the group’s COO, told The Observer what most suprised him in the 2007 data was Chelsea’s resiliency. “A good percentage of property stayed positive at a time when a big amount of inventory in the condo market was coming on line,” he said.
Average rents for doorman studios went up 15 percent year-over-year, finishing 2007 at $2,627. Non-doorman studio rents were down 1.7 percent year-over-year, finishing at $2,131 in 2007.
Rents for one-bedrooms in non-doorman buildings increased by 19.2 percent last year, the most of any Chelsea category, to $2,981, while one-bedroom rents in doorman buildings increased by just 2 percent to $3,947.
Non-doorman studio rents fared less well last year, dropping by 1.7 percent from 2006 to $2,214.
Meanwhile, two-bedroom rents in doorman buildings plunged to $4,785 last year, a 22 percent drop from 2006. The average rent for a two-bedroom in a doorman building dipped by 2.7 percent last year, to $6,260.