No Vacancy: Slim Supply Of Gotham Pads
If you’re looking for a Manhattan apartment, you’re going to need a little luck and a lot of patience.
The rise in prices isn’t the only factor affecting available apartments, according to Andrew Barrocas, the CEO of realty firm MNS, which also released a report Thursday revealing record-high Manhattan rents.
Residential development in Manhattan is still reeling from the financial collapse and there has been a lack of new units.
“The shortage of rental inventory has created a demand on the rental side that has driven prices up,” Barrocas said.
The MNS report showed that Harlem had the biggest increase in rent over the last three months, compared to every other neighborhood in the city.
A studio apartment without a doorman fetched $1,391 in February, but now costs $1,432.
Despite the surging rent and sparse openings, Barrocas said there are still some hot spots throughout New York that renters can seek out.
The MNS report pointed out that there were more studios in SoHo and one bedrooms in the Financial District available last month, and that they were slightly cheaper.
“It’s a younger market there so it’s got a faster turnover,” Barrocas said.Magazine · Newspaper