November 14, 2012
The New York Post
Manhattan rents go for a dip
by JENNIFER GOULD KEIL
Miracles do happen.
The average rent for a Manhattan apartment decreased for the second consecutive month in October — although rents are still higher compared to this time a year ago, a new report says.
A pad that’s 700 square feet and has one bedroom — which the brokerage Citi Habitats counts as the average Manhattan apartment — rented for about $3,444 in October, its monthly real-estate report found.
That’s $9 less than the average rental price in September ($3,453) and $8 less than the average rent in August ($3,461).
Still, rents are $103 higher than they were in October 2011, when the average monthly rent was $3,341, according to the report.
“There is less demand this time of year for rentals, and rents are so high already that more people are going to buy if they can,” explained Gary Malin, president of Citi Habitats
Economic uncertainty is also an issue.
“On a broader level, the economy still isn’t doing well. People are getting fired every day and there is fear of another recession, so more people are looking to get out of the city or move to the outer boroughs,” Malin added.
Meanwhile, Prudential Douglas Elliman said that rents have sharply increased — by about 5.4 percent — compared with year.
Elliman, which defines an average Manhattan apartment as an 877-square-foot one-bedroom, said rents jumped from $3,658 in October 2011 to $3,856 in October 2012.
Luxury and super-luxury median rents also increased: by 5.1 percent in the luxury category and 14.9 percent in the super-luxury category, which is defined as the top 5 percent of all rentals, Elliman reported.
In October 2011, the average luxury apartment — a 1,616-square-foot three-bedroom — cost $9,369 per month, while the average super-luxury apartment rental — a 1,917-square-foot three-bedroom — cost $12,179 per month.
In addition, Elliman sales director, Yuval Greenblatt pointed out that there are now “a few thousand apartments off the market for an unknown period of time” because of the storm, which will put a tight squeeze on an already low inventory.
Original Article // nypost.com
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