At the start of the quarter, inventory across the city was incredibly low, and the November rental report from MNS does not bring good news for apartment hunters in Manhattan. Rental inventory fell 9 percent from October to November, with inventory in Tribeca dropping a whopping 20 percent. Some of this can be contributed to buildings still offline because of damage from Hurricane Sandy, but MNS notes that such a large decrease in "an already limited market is very noteworthy." Average rents across the borough saw a slight decrease ($19), with one- and two-bedrooms in Chelsea seeing some of biggest declines, falling $73 and $45, respectively.
In most neighborhoods, prices have remained stable, but Harlem bucked the trend. Rents for all types of units in the area rose an average of $56, with the rents for doorman studios rising 4.4 percent from $1,763 to $1,841. Soho and the Financial District also experienced a significant increase in non-doorman studios, which rose 5.8 percent ($142) in Soho and 6.5 percent ($150) in FiDi.
Compared to November 2011, rents for all apartments are on average $120 higher, with non-doorman one-bedrooms jumping the most.
· Manhattan November Rental Market Report [MNS]
· Rental Market reports [Curbed]