Bubble Wrap

Rents are up!

The NY Sun reports that starting rents are up big in Rent Is Surging To $3,000 for One Bedroom

The cost of one-bedroom apartment rentals in Manhattan’s doorman buildings is surging, with starting prices for these apartments hovering around $3,000 a month — about $500 more than they were just three years ago, city brokers say.

A bevy of condominium conversions has shrunk the number of available rental units, thereby driving up rents, a researcher at the Real Estate Board of New York, John Cole, said. “There’s been so many conversions, with a good number of them having gone from rentals to condos,” he said. “With less supply, the prices have gone up, and the vacancy rate has become infinitesimally small.”