Younger Renters Priced Out of Murray Hill's Better Buildings

Rents in doorman buildings in Murray Hill went up across the board in 2007 according to a report released today by the Real Estate Group New York.

Through 2007, average rents in doorman buildings rose by 11.5 percent for studios to $2,578; by 9.6 percent for one-bedrooms to $3,514; and by 10.3 percent for two-bedrooms to $5,190. Though there are still bargains to be found in non-doorman buildings in the neighborhood–studio rents decreased 1.4 percent to $2,084 and one-bedrooms fell by 4 percent to $2,768–the report concluded that younger tenants have found themselves in competition with “more financially established New Yorkers.”