It's the end of another month, which means it's time for another Manhattan rental market report from the number-crunchers at The Real Estate Group New York. Last month's report included a dash of pessimism, but no longer! Rents are up 1.94 percent since April and 1.72 percent since this time last year. After an increase of 1.17 percent last month, vacancies have fallen 0.71 percent. All this is making landlord-paid broker fees an endangered species, and TREGNY has on its Pollyanna hat looking toward summer: "As vacancies continue to remain stable, we anticipate these [rent] upticks will come at an even greater pace as landlords test the market's strength."
But the market isn't getting better in every 'hood at the same time, and TREGNY still has some advice for bargain-hunters. One-bedrooms in the East Village are at their lowest average rents in more than two years, hovering around $2,313. Lower East Side two-bedrooms in non-doorman buildings are averaging $3,022, the lowest point since TREGNY's tracking began in 2007. And the Upper West Side makes a repeat appearance this month with average non-doorman two-bedroom rents of $2,896, another TREGNY all-time low. Of course, that's balanced out a little by projects like this one. And this one. And this one.
· Manhattan Rental Market Report: May 2010 [TREGNY]
· Rental Market Report coverage [Curbed]