Real Estate
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
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.