Markets & EconomyRentals

More Manhattan apartments enter landscape

Increased inventory assists in the popular Spring renting season
  • The borough contained 9,317 units for rent in March, up from 8,607 in February, according to the real estate report.
  • Annual prices dipped by 2.92 percent from $3,966 in March 2015 to $3,850.26 last month.
  • Market inventory was highest in Financial District doorman studios (239 units), Upper East Side non-doorman studios (290 units) and Midtown West one-bedrooms with doormen (446 units).
  • Harlem saw the largest decrease in annual rent at 12.7 percent. This drop was affiliated mostly with the doorman sector.

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Although prices remained stable overall month-to-month, MNS reports an 8.25 percent increase in Manhattan apartment listings in its new March rental report. The borough contained 9,317 units for rent in March, up from 8,607 in February, according to the real estate report. Although prices hardly moved on the overall scale with a decrease of .005 percent, MNS expects to see prices gradually increase closer to mid-year. “Many multi-family owners have leases expiring in the more peak months. Landlords have done 18 month leases in previous Decembers, with anticipation of the apartments turning over in the busier time," MNS CEO Andrew Barrocas said. "We’re on the way back up in terms of the activity in the marketplace. April going into May ramps up, with peaks in June and July. Every year, this time it shows that the numbers are a little softer.” Annual prices dipped by 2.92 percent from $3,966 in March 2015 to $3,850.26 last month. Upper East Side: most market inv...