It's confirmed Manhattan Rents are rising at a healthy pace--Holy Cow

Here is a quote from Manhattan Rental Reports The link is here http://www.tregny.com/manhattan-apt-rental-report.jsp "In a continuation of the growth we saw last month, the majority of citywide rents are up compared to May of last year, as well as from April ’08, and it appears that this year’s peak rental season is off to a solid start. Prices increased in every sector of the market from this... [more]

Here is a quote from Manhattan Rental Reports The link is here http://www.tregny.com/manhattan-apt-rental-report.jsp "In a continuation of the growth we saw last month, the majority of citywide rents are up compared to May of last year, as well as from April ’08, and it appears that this year’s peak rental season is off to a solid start. Prices increased in every sector of the market from this time last year except for doorman two-bedrooms, and though they’re not commanding the same rents as they were then, an overall comparison of year-over-year rental prices shows that the Manhattan rental market is still extremely healthy. From last month, prices increased across the board with the exception of doorman one-bedrooms, which decreased only marginally. In fact, there were no drastic changes to note, which comes as no surprise if you’ve been keeping up with our data and observations about the rental market each month. All in all, we’ve seen nothing out of the norm in May, which we’re excited about as we anticipate a productive summer for all. I am glad to see more inventory available for our clients, whereas, in years past, that may not have been the case, and renters may not have been able to find exactly what they were looking for. With the steady pace at which rents have been rising, we expect there should be no problems moving properties in this healthy economic climate. There are pockets of opportunity for both landlords and renters, as the former may be able to increase prices where occasions present themselves and the latter may be able to find housing deals in spite of escalating rents. The greatest year-over-year increase was 4.5% in non-doorman studios, which is right on par with standards of rent stabilization and comes as a welcome change over the 10%–15% price jumps witnessed in years past. That being said, the 2008 busy season has positive beginnings, though only time will tell whether or not the demand for rentals in Manhattan will be able to keep pace with the supply." [less]