Overall, Manhattan rents dipped slightly in November from the month before, but not on the Upper West Side, according to a new report. Rentals are getting much more expensive, even eclipsing prices during the height of the real estate boom.
Demand for rentals is high, and some people who would normally buy appear to be sitting on the sidelines. That’s lead to low inventory levels — and higher prices.
“Activity is certainly down, but inventory levels are below normal and are keeping the prices high and incentives limited,” the MNS rental report says.
Check out this month’s stats and compare them to a year ago:
November 2011
- Studio (with doorman) $2,539
- Studio (no doorman) $2,020
- One-bedroom (with doorman) $3,600
- One-bedroom (no doorman) $2,634
- Two-bedroom (with doorman) $6,131
- Two bedroom (no doorman) $3,766
November 2010
- Studio (with doorman) $2,414
- Studio (no doorman) $1,832
- One-bedroom (with doorman) $3,397
- One-bedroom (no doorman) $2,464
- Two-bedroom (with doorman) $5,362
- Two bedroom (no doorman) $3,231
Photo by Avi.
