Thursday, October 11, 2012

One Bedroom Apts in Manhattan: $3,390 per Month

A combination of Ben Bernanke money printing flowing in NYC and crazed rent control laws are sending the prices of uncontrolled apartments through the roof.

NyPo has the story:
Manhattan rents soared 10.2 percent in the past year as tenants scrambled for new apartments in the tightest, fastest-moving market in years, new figures show.

The median rent hit $3,195 a month — and $3,500 with a doorman, the Prudential Douglas Elliman report found.

Apartments are being snatched up at the fastest pace in 20 years. Apartments were on the market for an average of only 39 days, compared with 55 days last year.

Tenants are looking to move to new neighborhoods or to cheaper apartments in response to rising rents.

“It’s a game of musical chairs,” said analyst Jonathan Miller of Miller Samuel Inc., who prepared the report.

The West Side — from West 34th Street to West 116th Street — is riding the crest of the rent boom. One-bedroom apartments went for a median rent of $3,390, up a whopping 13 percent from a year ago.

Making the hunt for an apartment harder is the extraordinarily tight market. The vacancy rate in Manhattan is a tiny 1.85 percent, down from last year’s already-low 2.62 percent. The West Side had the highest vacancy rate, at 2.55 percent.


  1. We SHALL have either euphoric inflationary booms or crushing deflationary collapses.

    Nothing else is permitted.

  2. The rent is still way too low to justify the price for the condo. A 1BR condo in Manhattan is around $800k not $340k. Wake me up when the rent is $8k/mo or when the condo price drops to $340k. It will be interesting to see whether the FED lets the recent condo buyers go bust or nails the renters up against the wall (along with shop owners and anyone who has to buy anything to stay alive).