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Manhattan rents, available apartments both see increases, reports find

Manhattan rents continue to increase, market reports find.

Manhattan rents continue to increase, market reports find. Pictured: Manhattan's SoHo neighborhood, home to unique buildings and cobblestone streets. Photo Credit: Nancy Borowick

Rents are going up in Manhattan, according to market reports released Sept. 16.

However, on the bright side, the borough is also seeing an increase in the number of available units.

Real estate group Douglas Elliman said Manhattan median rents reached $3,400 in August, a 7.1% jump from a year earlier. The increase marked the 18th consecutive month of rent surges, according to the report.

Citi Habitats said Manhattan pads rented for an average of $3,507 last month, the highest that the real estate company has recorded in its 13 year history.

Elliman listed downtown Manhattan as the neighborhood with the highest median rent price at $3,639, while uptown Manhattan had the lowest with $2,375. Citi Habitats said SoHo had the highest median rent last month with $5,045.

Both reports said the number of available apartments went up despite the surge in rents.

The Elliman report said there were 6,171 available apartments in Manhattan last month, a 35.6% increase from August 2014. Downtown had the most, with 2,631 units available last month.

Citi Habitats said the vacancy rate in the borough was 1.4% in August, a .13% increase from the year before.

In Brooklyn, median rents reached $3,112 last month, a 10.8% jump from August 2014, according to Elliman.

Although there were only .3% more available apartments in Brooklyn than in August 2014, the 954 available units in August represented a 5% jump from July, the report said.


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