The Manhattan median rental price inched up 1.8% to $3,394 according to the latest report while the luxury rents stayed static at $8,194. According to the broker feedback there is a lot of inventory to absorbed into the market and concessions and price still drive the Manhattan rental market. While buyers are staying on the sidelines, you would think that rents were begin to increase but while lease activity in September has increased market wide we have to enter into a new cycle of rent increases. There is so much parity in the market in terms of choices and Manhattan has competition from both Queens and Brooklyn in terms of offerings and types of buildings.
Tag Archives: rentals
Most expensive zip code for renters in US is…Battery Park City
The most expensive zip code in the US for renters according to a recent report by RentCafe is Battery Park City, 10280. The average rent is just over $5657 according to the report. This is down from the previous year’s average of $6,000. 26 of the 50 most expensive zip codes in the US for renters were in Manhattan. Three of the top 12 most expensive zip codes were on Manhattan’s Upper West side.
Soho/TriBeca was the area that experienced the largest increase in rent year over year. 10013’s average rent was up over 10%.
The Author- 
Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Average 1 bedroom rental in Harlem just under $2,000
The average rental price for a 1 bedroom apartment in Harlem above 125th street is $1994 per month according to a study of rental listings. The average price for a studio is $1784 and the average days on the market is 22 day for active listings.
In the last couple of years the rental market has been in a down cycle but likely this will be coming to an end in the next year as excess inventory is absorbed and a new cycle of increases begins.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Most sought after and least supplied amenity in a Manhattan rental is?
Apartmentlist.com did nationwide research to see what amenities were most sought after by renters and compared that to what is most supplied by landlords. Interestingly enough in the NYC market, 39% of the renters were looking for an in-unit laundry while only 10% of the apartments had it. This coincides with the on the ground data of my past rentals where many tenants ask if the unit has an washer/dryer in the apartment and most do not.
When you do a search on streeteasy.com for 1 bedrooms for rent on Manhattan’s upper west side, you find 204 listings but when you check the box for washer/dryer, the number goes down to only 8!
In Central Harlem, under $2,500 per month, you find 59 listings with at least 2 bedrooms and when you only look at apartments with washer/dryers the number goes down to 7!
Full coverage from Apartmentlist.com
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.
423 West 147th street apt 2 rented
A 1 bedroom with a den in a brownstone between St Nicholas avenue and Convent avenue was rented for $2,350. The apartment was in the market for less than 20 days and was rented without any concessions. The 900 sqft +/- space featured high ceilings, fireplace mantels, plenty of woodwork and pocket doors.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.
200 west 54 street 9C rented
At the Adlon prewar co-op in Midtown, a 1 bedroom was rented. The apartment features a windowed kitchen, plenty of closets, and nice size bedroom. The apartment featured an ornate living room ceiling and high ceilings among the prewar features. The asking rent was $2,750 and no landlord concessions were given. The apartment rented within 1 week of being in the market.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.
Take a VR Tour of 423 W 147th street
423 West 147th street apartment 2 is now for rent for $2300. You can see a VR Tour below. The asking rent is $2,300 for this 1 bedroom with den/office on one of the most beautiful blocks in Hamilton Heights.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Manhattan rental market continues to be driven by concessions
In May, rental prices for both 3 bedrooms and 2 bedrooms dropped, 6% and 4.6% respectively. Concessions are up 12.5% year over year and have been steadily rising for the last 3 years.
This is consistent with the rentals that I have listed of late which need to be either priced very aggressively or offered with concessions to be rented. Along the same lines, landlords are negotiating with existing tenants to keep them.
303 West 137th street New building construction update
303 West 137th street, a new 6 story building by Harlem developer, Icer, has topped out. It will eventually house 16 units over 14,655 square foot. It is located on a beautiful, double brownstone block, near Saint Nicholas park. The building has a brick facade and terraces. Unfortunately, the design is lacking in any architectural merit and could be the poster child for adding more landmark designations to protect historic homes and blocks.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Manhattan rental market stabilizing as sales market continues to slide
According to the latest report by Streeteasy, the Manhattan rental market is stabilizing ahead of the peak summer rental season as the sales market is still declining. I think this is supporting by what I am seeing with the summer rental market in full swing and the sales market struggling especially as owner’s expectations come to grips with the new buyer market conditions.
The median asking price on the upper west side of Manhattan is down about 10% year over year but this is also skewed by new development impact which pulls the median asking price higher. Now that the market has slowed, new development activity has slowed and the smart developers are bringing to market more affordable luxury product.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.