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Rents Climb Slowly in November

Tuesday, December 11, 2012

Rents on Manhattan apartments continue to rise, but at a slower rate than earlier in the year.

That's according to the latest report from Prudential Douglas Elliman and appraiser Jonathan Miller.

Average rents were up 1.6 percent in November, compared with one year earlier. But the cost of studios and one-bedrooms declined.

The median new contract on a studio apartment went for $2,300 a month in November, while the median 1-bedroom rented for $3,228.

2-bedrooms and larger apartments saw prices rise.

In Brooklyn, the situation was reversed: rents on studios, 1- and 2-bedrooms rose, while rents for apartments of three bedrooms or more declined.

The average price per square foot on a new contract declined, year-to-year, to $46.09. The vacancy rate also declined, to 1.59 percent from 2.32 percent last year.

The report uses numbers from Prudential Douglas Elliman and a survey of realtors and landlords conducted by the Real Estate Board of New York.

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