Manhattan Rents and Vacancies on the Rise

Apartment rents in Manhattan have increased 1.1 percent since March, according to The Real Estate Group NY’s April 2010 edition of its Manhattan Rental Market Report.

New York—Apartment rents in Manhattan have increased 1.1 percent since March, according to The Real Estate Group NY’s April 2010 edition of its Manhattan Rental Market Report.

Despite the rent growth, however, vacancies continue to be on the rise and are up just over 1.1 percent across the borough. Meanwhile, non-doorman buildings saw a 3.61 percent vacancy increase.

In non-doorman buildings, Soho studios and two-bedroom units in Midtown West experienced the greatest growth since March—9.95 percent and 8.55 percent, respectively—while in doorman buildings, studios and one-bedroom units in the Lower East Side and two-bedroom apartments in TriBeCa saw the largest gains in rent (15.75 percent, 9.61 percent and 12.24 percent, respectively).

According to the report, non-doorman, two-bedroom apartments saw the largest decreases month-over-month, mostly due to renters doubling up. Gramercy Park saw the largest rental declines in one-bedroom units—5.06 percent—since March 2010.

Source: The Real Estate Group of New York

Year-over-year since April 2009, non-doorman studios saw rent growth of 0.86 percent, while doorman studios experienced a 0.48 percent decline in rent. Non-doorman one-bedroom units increased 0.14 percent in rent while doorman one-bedrooms increased 1.4 percent, two-bedroom non-doorman apartments declined 1.38 percent and two-bedroom doorman units increased 1.07 percent.