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Manhattan's Smaller Apartments Are the Priciest Since 2008

  • Rents for studios and one-bedrooms both reach an 11-year high
  • Added competition, slow sales market driving up leasing costs
Manhattan Condos At Half Price Lure Homebuyers Reshaping Harlem
Photographer: Jin lee/Bloomberg
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Seekers of smaller apartments in Manhattan have had plenty of company this summer. Swelling demand by both newcomers and locals drove rents for studios and one-bedrooms to an 11-year high.

The monthly median for a studio in July and August was $2,700, the highest it’s been since June 2008, according to figures released Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. One-bedroom units rented for a median of $3,595, a record in data going back to the beginning of that year.