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

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