Hell Has Frozen Over Because Manhattan Rents Haven’t

01072010 001 Hell Has Frozen Over Because Manhattan Rents Havent

Not cheap.

Although the winter months have historically lowered things like mood, libido, energy and rents, at least one of these has proved impervious to the winter gloom this year. Manhattan rents have actually increased this season, bucking a time old seasonal trend.

The increase can be attributed at least in part to landlord incentives, Crain’s reports, like a month of free rent or discounts on brokers fees. These “deals” allow landlords to hike the rent, while still convincing plebeian buyers they’re getting a steal on their dream apartment. Over the past month, 13% of landlords involved in deals brokered by CitiHabitats, one of the city’s premiere rental agencies, used these enticing carrots to draw buyers.

Despite these sweeteners, which typically are used during hard time, rents are in fact increasing.

Last month, the average rent in Manhattan hit $3,352 a month, up 5% from the same time a year ago, according to residential brokerage Citi Habitats. That monthly average figure was also up $41 from December, as apartments of all sizes recorded an uptick.

So don’t be fooled! No-fee rentals may sound great, but it’s really just a cover for the skyrocketing monthly fees you’ll be paying anyway.

eknutsen@observer.com

Comments

  1. Anonymous says:

    I’ll have to raise the rent on my tenant John this summer