Surprise, Surprise: Manhattan Rents Jump in '07

Manhattan’s apartment market remained relatively strong in 2007, with rent jumps averaging between 2.2 percent and 6.5 percent in most apartment sizes, according to a new report from The Real Estate Group New York.

  • The average studio rent finished 2007 at $2,686 in a doorman building and $2,098 in a non-doorman building, increasing 2.2 percent and 6.4 percent, respectively, from the start of the year to the end.
  • By the end of 2007, the average rent on a one-bedroom reached $3,737 in a doorman building and $2,910 in a non-doorman building, a yearly ncrease of 4.9 percent and 2.6 percent, respectively.
  • The average rent of a two-bedroom apartment in a non-doorman building rose by 14 percent annually in 2007, to $3,967, the biggest increase of any apartment size. Rents for two-bedrooms in doorman buildings rose by 3.3 percent in 2007, to $5,604.

The report covered apartments below 100th Street. We will have more from specific neighborhoods throughout the day.

Surprise, Surprise: Manhattan Rents Jump in '07