Manhattan Rentals: $2,000 does not buy you a bedroom

Jul 14, 2007

Studio apartments in Manhattan went for an average of $1,995 a month last year, according to a recent rental study. This is up from $1,659 in 2002, an increase of roughly 20%.

The average rent for a one-bedroom apartment advanced to to $2,737, compared to $2,227 in 2002 (up 23%), and two-bedroom apartments climbed to $3,893, from $3,198 in 2002 (up 22%). Three-bedroom apartments saw the largest percentage increase: more than 36 percent, from $4,059 in 2002 to $5,534 last year.

Despite the higher prices, demand for rentals continues to escalate. The overall rental vacancy rate for Manhattan is currently less than 1 percent. Time to Buy?

< Renovate! Renovate! Renovate! | Fire Island Update >

Visit the archives or search for topics that interest you.