Are you thinking of moving to Manhattan? Well, if you are open up the check books and prepare to pay for it. Rents in Manhattan are skyrocketing and the classic entry level unit, the studio, is averaging nearly $2,000 a month. Thats right, the claustrophobic no bedroom, no kitchen, no nothing but a room and a bathroom with some cookware mashed in is averaging over $2,000 per month.
Think of it this way, the average is 2,000 a month, I wonder what the top end is on a studio in Manhattan?
NEW YORK (AP) – If you’re looking for a Manhattan apartment, be prepared to shell out about $2,000 a month—unless, of course, you’d like a bedroom to go with it.
Studio apartments in New York’s most expensive borough went for an average of $1,995 a month last year, according to an analysis released Friday by Citi Habitats, a Manhattan rental brokerage firm. That’s up from $1,659 in 2002.
The average rent for a one-bedroom apartment shot up to $2,737, compared to $2,227 in 2002, and two-bedroom apartments climbed to $3,893, from $3,198 in 2002. Three-bedroom apartments saw the largest percentage increase: more than 36 percent, from $4,059 in 2002 to $5,534 last year.
The increase did nothing to decrease demand. The overall rental vacancy rate for Manhattan last year was less than 1 percent.
The report reflects that “we’re the center of everything,” said Citi Habitats spokesman Christopher Dente. “There’s a lot of relocation—thousands of people are coming in.” via AP