Now, imagine having to pay a broker's fee on top of these high rents. A broker's fee in Manhattan is typically 15% of the first year's rent. Not the first month's rent, the first year's rent!
Rents rose in Manhattan between 6.2%, as reported by Citi Habitats, and 9.5%, as reported by appraisal firm Miller Samuels and Prudential Douglas Elliman. Exact increases are very hard to pin down, but
$3,315 as an average rent? They must be renting to a different group of people. Of course there are many who can afford that price, but we work with hundreds of renters all the time, and I can tell you that the average, typical renter in Manhattan is paying less than that. I don't know exactly what the average renter is paying, but I'm certain it's less.
Bloomberg quotes Citi Habitats as saying that rents increased 9% in July from a year ago in July. "landlords tested how high they could push prices amid few vacancies.".
Even as New Yorkers exit city en masse for vacations, residential leasing approaches boom-time highs August 01, 2011 07:00AM By Candace Taylor in TheRealDeal.com New Yorkers are fleeing the city in the scorching summer heat, trading subway cars for the Hamptons Jitney and business casual for bathing suits. Even so,...Read more
The dog days of summer are back for apartment renters. The Manhattan vacancy rate in May fell to 0.7%, its lowest level in nearly five years, according to broker Citi Habitats. Landlord concessions, such as a free month's rent for signing a new lease, have dried up. Average Manhattan rental prices are just a hair below their 2007 peaks.
Renting an apartment in Manhattan is getting harder, says a new report. Rents are up, landlords are not offering concessions and the vacancy rate remains low.
The good times are over for Manhattan renters. The power has shifted back to landlords, sending rents up and concessions down during the last three months of 2010.
The Manhattan residential rental market rebounded last year, and at a faster clip than many had anticipated, according to a new report.
Bargains are drying up for Manhattan apartment renters - reflective of a broader trend in the other four boroughs as well.
Small increase in October comes as most other signs point to an improving market; average rent for a studio in Manhattan hits $1,837, up 6% from last year.
Volume of new lease signings triples in third quarter, despite a major hardening in landlords\' negotiating stances; time it takes to rent out units halved to 38 days.
It\'s up, it\'s down. The New York apartment rental market has stymied a lot of great minds in the last couple of weeks.
MANHATTAN apartment rentals more than doubled in the second quarter from a year earlier as the city\'s job market improved and tenants gained confidence.
Manhattan’s vacancy rate fell again in May, dipping below 1% for the first time in nearly three years, leaving little supply available during the peak leasing season. That’s quite the turnaround from a year or two ago, when apartments were plentiful and desperate landlords coughed up free rent and paid the broker fee–typically a month of rent–to fill units.
Vacancy rates at rental apartments in Manhattan continued to decline in April, encouraging landlords to begin pulling back on tenant concessions.
The frenzy for Manhattan rentals is making a comeback, a sign of a rebound in the nation\'s largest and most complex leasing market.