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Manhattan Rents Ring Up a Little Higher, But So Do Vacancies

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It's time for the Manhattan rental market's monthly weigh-in from the folks at The Real Estate Group New York. Recent months have seen rents on the way up and a few concessions vanishing, with only mixed success for landlords. So how's the market lookin' now? Rents are up from February by a slight 0.62 percent, but down from last year by 1.52 percent. Rents in doorman buildings have seen an uptick, but so have vacancies, which rose 1.21 percent month-to-month. Frowny face? Not according to TREGNY, which has turned to Pollyanna for the market analysis: "Given the low activity levels and price increases, this modest climb is actually a good sign for the overall health of the rental market."

For bargain hunters, TREGNY points to Chelsea, where non-doorman studios are down to $1,772/month, the lowest price since TREGNY started tracking. Non-doorman studios in Murray Hill are $1,727/month, and TREGNY also touts the $3,299/month non-doorman two-bedrooms in Gramercy Park, which are around 17 percent cheaper than they were last year. So does this mean the Truffles Tribeca approach is not the new normal? TREGNY says Tribeca apartments have seen an uptick of 2 to 5.88 percent. But that suggests there's still at least 15 percent worth of somethin' in those mushrooms.
· Manhattan Rental Market Report [TREGNY]
· Rental Market Report coverage [Curbed]