The real estate market in NYC is cyclical to say the least. But, one thing that seems to be a constant is that the price of renting an apartment consistently increases year after year.
The average rent for Manhattan apartments is on the rise again. According to reports out today, the average monthly rent was up 7.8% over the same period last year climbing to $3,332.
Studio apartment without a doorman averaged $1,348 per month and Soho came in with the most expensive rents averaging $7,909 for a two bedroom doorman unit.
The moral of the story is...if you can buy it always makes more sense. But if you cant, then rent now before prices go up any higher.
Jan 20, 2011
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