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View of the Manhattan skyline. (Martyn E. Jones/stock.xchng)
NEW YORK—Average rental prices rose .92 percent in Manhattan in February, according to a monthly rental market report by real estate firm MNS. In Brooklyn, average prices for studio, one-bedroom, and two-bedroom apartments fell 2.6 percent, 3 percent, and 2 percent respectively.
Compared to the same time in 2012, average rents in Manhattan rose 30 percent for non-doorman and 11 percent for doorman apartments. Despite the month-over-month drop in average rental prices in Brooklyn, year-over-year prices are up 10.4 percent for studios, 5.7 percent for one-bedrooms, and 6.7 percent for two-bedrooms.
Manhattan
Tribeca remains the most expensive neighborhood for non-doorman rentals in Manhattan averaging $4,900 for studios, $5,350 for one-bedrooms, and $7,998 for two-bedrooms. The most expensive doorman studios are in Tribeca as well, averaging $3,878 per unit, while the highest average rents for doorman one- and two-bedrooms are in SoHo at $5,650 and $8,717 respectively.
The cheapest average rents for both doorman and non-doorman units in all categories are in Harlem, with average prices ranging from $1,520 to $2,365.
Two-bedroom non-doorman apartments in SoHo saw the highest increase in dollar amount in February, rising $330 or 6.2 percent. Meanwhile non-doorman one-bedrooms in Tribeca saw the biggest increase in terms of percentage points with average rents climbing 6.5 percent or $326.
The steepest decrease was recorded for doorman two-bedroom apartments in Tribeca, which fell 20.3 percent. Also notable is a 10.3 percent drop for non-doorman, one-bedrooms on the Upper West Side.
The report recommends renting in the Financial District or the Lower East Side. Rents in the Financial District fell 1.5 percent, while rents for doorman studios on the Lower East Side fell 14.3 percent.
Brooklyn
The most expensive average rents in Brooklyn are in Williamsburg and DUMBO. Williamsburg studios fetch an average of $2726 per month, while DUMBO one- and two-bedrooms go for $3,580 and $4,817, respectively, on average.
Prospect Lefferts Garden and Bay Ridge are the Brooklyn neighborhoods with the lowest average rents, ranging from $1,200 for a studio and $1,790 for a two-bedroom.
The biggest growth was recorded for studios in Bay Ridge (15.42 percent), and one-bedroom (21.43 percent) and two-bedroom (22.75 percent) apartments in Bushwick.
