Ilya Marritz covers business for WNYC.
Similar Rates, Fewer Perks for Renters in Manhattan
Wednesday, January 12, 2011
Two new surveys of apartment rentals in Manhattan suggest the market has stabilized after a rocky period following the economic meltdown.
A report by the large broker Citi Habitats shows average rents rising somewhat in the last three months of 2010, compared with the same time period in 2009.
A separate survey by Prudential Douglas Elliman has rents declining overall, but indicates rates for one bedrooms rose $73 to $3,069 on average.
While rents aren't moving much, new renters can still expect to pay more. Citi Habitats said far fewer landlords are offering incentives like a free month -- or two -- of rent.
Both surveys examine only new rental contracts, not renewals.