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Studios and 1BRs See Greatest Rent Increase in October

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Manhattan rents are still creeping skyward, according to the MNS Real Estate October market report. From September to October, rents for studios, one-bedrooms, and two-bedrooms all increased, with studios seeing the biggest bump in average price from $2,698 to $2,735. Across the board, doorman units only saw a $15 increase, while non-doorman units jumped $71. The biggest increase for one-bedrooms occurred in Midtown East, with rents rising 5.7 percent, and Tribeca had the largest increase for studios, with a 4.3 percent boost.

In Gramercy, rents for non-doorman studios fell 3.6 percent to $2,253, but for renters looking for a doorman, they should consider the East Village, Lower East Side, or Harlem. Rents for doorman one-bedrooms decreased in all three neighborhoods by 2.4 percent, 3.2 percent, and 3 percent, respectively.

The report also found that inventory in Soho is still at historic lows, so "renters interested in this area should not hesitate as they might miss an opportunity."
· MNS Market Reports [official]
· Rental Market Reports coverage [Curbed]