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Similar Rates, Fewer Perks for Renters in Manhattan

Wednesday, January 12, 2011

Furnished Apartment for Rent (Turkey Chik/flickr)

 

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.

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