Manhattan has apartment rent spike in September

Apartment rents rise in Manhattan.

The Manhattan apartment market had a positive month for rental prices, as the figure was near the market peak, according to Bloomberg.

Overall, the median rental price for the area was $3,195 during September. This was 10 percent higher than the same month last year, as well as more than 3 percent higher than August's figure, the news source reported, citing a report from Prudential Douglas Elliman Real Estate and Miller Samuel. New leases in the borough increased to 2,535, which was more than 50 percent compared to the same month in 2011.

"This is not a fluke," Jonathan Miller president of Miller Samuel, told the news source. "This is where the die has been cast for the next year or two years."

Unfilled apartments stayed on the market for approximately 39 days, on average, Miller also noted to the news source.

For next year, the rent levels could pass the market's peak level, which occurred in 2006. That figure was $3,256, he explained to the news source. The figure could be surpassed as early as the first quarter.

Share
Disclaimer: All data and information provided on this site is for informational purposes only. Zoliath.com makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, opinions or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.