Surprise, Surprise…Apartments in NYC Hit Rental High

Manhattan apartments, of which there are a few pictured in this photo, are setting record high rents these days.

Looking to rent an apartment in NYC? Be prepared to pay! That’s the word our from Citi Habitats latest monthly report. Here are some of the key stats from the report:

  • April rents are about 3% higher than were they were in April 2011.
  • The average Manhattan rent is now $3,429.
  • The average rent in a Manhattan walkup building was $3,199.
  • The average rent in a new Manhattan doorman building was $5,300
  • The Manhattan apartments vacancy rate is now only 1.16%.
  • Landlord concessions are now almost completely absent from the market except at the very high end.

What’s the cause of this surge in rental prices? Lack of new inventory – which means that very few new apartments have come on the market, since housing construction in Manhattan came to a standstill in 2008 and 2009. Building are just gearing up now for a whole new batch of buildings, but they won’t be ready for occupancy anytime soon.

If you are looking to rent apartments in NYC, or more specifically, if your looking at Manhattan apartments, you will definitely want to save as much money as you can.

The broker commission on the average apartment rental in Manhattan is $6,1722 (Average Manhattan rent of $3,429 X 15% of the first year’s rent). Imagine that! To rent the average apartment in Manhattan, you would have to spend over $6,000 for the broker’s fee! Insane!

With RDNY.com, 100% of our New York City apartments are no fee apartments. The commission that you will owe to RDNY.com is $0. Does it make sense to look for an apartment for rent in New York any other way?

 

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Written by Lorenzo

Lorenzo has been hanging around the RDNY.com office for the past 20 years, and, in the process, has become the president of RDNY.com, Rent-Direct.com, and Acmelistings.com. His mission is to build RDNY.com into New York's largest no fee apartment rental service. Before RDNY.com, Lorenzo was a Regional Sales Manager for Time Equities, Inc., one of New York's largest converters of rental buildings to coops and condos. Lorenzo was once a part owner of Swift & Watson Real Estate in NYC's Greenwich Village.

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