Manhattan apartment rents soar in June: Reports
Aparatment hunters looking to score a Manhattan pad at a bargain shouldn't hold their breath.
Three real estate reports issued Wednesday found the average rent of an apartment in the borough is increasing in several neighborhoods, with two of the reports calculating the overall Manhattan average rent was more than $3,800.
According to real estate group MNS, the June average of $3,842 was a 4.1% jump from the same period in 2012 and indicated most Manhattan neighborhoods saw an increase.
TriBeCa and Soho were the neighborhoods with the highest price tag, with a TriBeCa nondoorman studio averaging $4,230 and a two-bedroom with a doorman fetching for $8,546, in Soho, according to the report.
The Douglas Elliman real estate report found the average Manhattan rent was $3,870 last month, which was a 0.8% decrease from the $3,902 pricing from the June 2012 study.
Inventory rates were up 3.4%, while vacancy rates fell 0.95%, according to Douglas Elliman's report, which didn't break down the figures into specific neighborhoods.
A study issued by Citi Habitat cited the lowest average rent for the second quarter of 2013, with $3,497 for all types of apartments, which was a 0.2% decrease from last year. The real estate group also found that SoHo and TriBeCa had the highest rents across the board, with studios renting for as high as $2,591 and three-bedrooms going for as much as $7,965.
Two of the reports did offer silver linings for apartment hunters.
MNS said Harlem has the lowest monthly rents, with studios going for $1,735 a month. It also found that studio and one-bedroom apartments in Battery Park City, one- and two-bedroom homes in the Financial District and studios in SoHo saw decreases in rent over the past year.
Washington Heights had the lowest average rent in Citi Habitat's study, with a studio going for $1,216. The real estate group also found Battery Park City, the East Village and the West Village had the highest vacancy rates with 1.68%, 1.39% and 1.35%, respectively.