Aside from hay fever and spring fever, the flush of New York City’s apartment fever hit Thursday morning thanks to the latest Douglas Elliman and Miller Samuel first-quarter rental market report.
For all the soon-to-be graduated college kids, according to the report, the average rent for a Manhattan studio—four walls, a closet kitchen and a toilet—has increased to $2,417, a 7.3 percent increase over the previous quarter. One-bedrooms averaged just under $3,100, a small increase from last quarter’s $3,026.
In larger shares, two-bedrooms have decreased almost 4 percent to an average rent of $5,021, and even four-bedrooms have decreased since the winter around 4 percent, to just under $12,200; however, three-bedrooms have increased to over $8,650, an atrocious 15 percent increase from the previous quarter. (The numbers are not meant to be hard and fast as the Manhattan apartment rental market is Thunderdome when it comes to odd landlord-tenant arrangements, sublets and rent regulation vs. market-rate; but the numbers do offer a good indication of where the market is for prospective tenants and landlords. )
Compared to last spring, the average rents for one and multiple-bedroom apartments has decreased by an average of 8.3 percent—the exception is studio apartments, whose rents increased almost 9 percent from last year. For those who wouldn’t mind continuing the semi-communal living of college, the most annual dramatic drop can be found with four-bedrooms, where the average dropped over 22 percent.
Overall, there are more studio, one-, and two-bedroom apartments available for rent than last year.
And finally, if you’re searching for particularly good deals, rental prices for uptown apartments have dropped by a dramatic 12 percent, while downtown and West Side rents continue to rise steadily. On the East Side, rents have decreased slightly, but this may be due to a large increase of available spaces.