Manhattan rents see slight increase in February: Report
As the temperatures rise, so do the rents in Manhattan.
A report released by real estate group MNS Thursday found that average rental prices in the borough reversed their downward trend last month and increased $34.66, or 0.92%, from January.
That also represented a $196.32 increase from February 2012, according to the report.
The neighborhoods that saw the largest surges included TriBeCa, which saw a 10.35% increase, SoHo, where average rents went up 8.62%, and Chelsea, which saw a 7.90% jump in rent.
Some nabes bucked the trend. Harlem, where an average non-doorman studio fetched $1,520 last month, saw studio rentals go down 3.9% in February. One-bedroom apartments with a doorman decreased 2% in the East Village and on the Lower East Side.
Those real estate diamonds in the rough are harder to come by, according to the report, which said the city's average vacancy rate continues to be at an all-time low.
MNS said many neighborhoods are adding inventory to reverse that trend, including Midtown West, Murray Hill, Chelsea, Gramercy and Greenwich Village.