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Manhattan Renters No Longer Have the Upper Hand

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The summer is a slow time for the sales market but a busy time for rentals, and in honor of the season, brokerage Citi Habitats has mined its data to come up with some rental market stats for April. They share a common theme with other recent reports: the market's not looking so hot for tenants. Since April 2010, rents have gone up between 9 and 12 percent for the various apartment sizes. The biggest jump was in 3BRs, which now rent for $4,946/month, 12 percent more than in April 2010. The average rent for a studio is now $1,967/month, for a 1BR, $2,643/month, and for a 2BR, $3,711/month. Above, the full neighborhood breakdown.
In previous months, tenants could legitimately hope those numbers would be lowered by landlord concessions. Now, not so much, at least not for Citi Habitats' listings. In April 2010, a full 41 percent of the firm's listings included concessions. Last month, that number was down to 11 percent. Happy summer?
· Market Reports [Citi Habitats]
· Rental Market Reports coverage [Curbed]