Azimuth Development Group and development partners opened a new, eight-story building at 321 E. 60th St. in the Lenox Hill neighborhood of Manhattan. The 21 affordable apartments will be permanently affordable to low-income families, through the city's Inclusionary Housing program.

February 21, 2019 Comments Off on Manhattan Apartment Rents Reach All-Time High Views: 1512 New York News, Top New York

Manhattan Apartment Rents Reach All-Time High

What Manhattan’s apartment rental market giveth to owners, the for-sale market taketh away. Manhattan rent growth outpaced that of Brooklyn and Queens in January, while pricing on co-ops and condominiums fell at the fastest pace on record, according to StreetEasy.

January’s all-time high of $3,204 per month in Manhattan represented 2.6% year-over-year growth in average asking rents. Dovetailing Miller Samuel’s recent report, StreetEasy noted that landlords concessions are down—in fact, the Y-O-Y drop is the fastest since 2010.

Conversely, StreetEasy’s price index for condos and co-ops was the lowest since 2015. Price cuts increased 2.9 percentage points Y-O-Y.

Even with price cuts, though, “purchasing a home in Manhattan is still too expensive for many in this market,” said StreetEasy’s Nancy Wu. “Many would-be buyers are opting for the flexibility of renting in some of the most expensive areas of the city,” resulting in “an unusually competitive winter rental season.”

Read more at PR Newswire

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