As it turns out, we’re all screwed (except uptown)—the latest second-quarter data from Douglas Elliman and Miller Samuel shows there isn’t much discrepancy between rents on the East Side, West Side and downtown in Manhattan. And the net rates just keep on rising.
The rental market is up and the rental market is down, according to the newly released Manhattan Rental Market Report.
Although the report, released monthly, shows that rents were up by 1.82 percent overall from May to June, a closer look reveals that rents are rising in some areas and falling in others. Also, the survey doesn’t include every apartment on the market—understandable, given how freaky Manhattan housing arrangements can get—but instead gives just a rough idea of pricing trends.
For example, rents are up for non-doorman studios on the Upper West Side but down for non-doorman one-bedrooms. Many neighborhoods are listed under both the “where prices decreased” and “where prices increased” categories with prices varying depending on the type of apartment, making it a little difficult to ID a trend for one neighborhood across-the-board.
Tales of Retail
As The Observer noted yesterday, retail rents soared recently to more than $1,700 per square foot in Times Square. Whoo hoo. Break out the Champagne because it’s New Year’s in November, baby!
But here comes the Post‘s Steve Cuozzo to crash our party:
Manhattan’s widespread, chronic store vacancies are far more numerous than Read More
All you creative young things eager to make it in the big city, Patti Smith has a suggestion: get out.
“New York has closed itself off to the young and struggling,” Ms. Smith said. “New York City has been taken away from you … So my advice is: Find a new city.” She Read More
We read with glee and expectation the Sunday Times article by Vivian S. Toy on landlords in higher-end apartment buildings offering incentives to prospective tenants. Could it really be happening? Could free rent and paid-off broker fees finally be the ascendant norm?!?
We counted five specific examples in the article of buildings where Read More
For the most part Manhattan remains a brutal market for renters this month, especially if you’re set on living below 23rd Street. But economic uncertainty has brought bargains (in the New York sense of the word) to some neighborhoods in the middle of a season when rents usually peak, according to the June Read More
Rents went up all across Manhattan in April, according to the latest rental-market report from The Real Estate Group — except for Harlem, where rates for studios and two-bedroom apartments both dropped.
Harlem remains the only Manhattan nabe where a one-bedroom unit costs less than $2,000 per month on average, according to the report, and Read More
I wrote in this week’s paper about how, even after all the calamitous economic news (like Bear Stearns’ collapse), Manhattan rents appear buoyant if not strong. Most of the average rents I cited were for one-bedroom apartments. Here’s some March stats on two-bedrooms, from the new report by The Real Estate Group Read More
Composer Philip Glass in the March issue of Details:
Q: I understand that in your early days as a composer, you rented a Manhattan loft for 30 bucks.
A: It was down in the Fulton fish market. I paid $30 a month. My friends paid $25, and they thought that I had Read More
The Manhattan rental market reports are popping out this week (I covered an authoritative one earlier this week). They show what many already know deep in their guts and wallets: Manhattan is the most expensive rental market in the United States.
How expensive? Compare it to Philadelphia: The average one-bedroom rent in Read More