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Smaller Manhattan apartments lead Feb rental gains

Median rent for studios up 10% to US$2,351 a month; one-bedroom rentals rise 9.4% to US$3,400

Published Thu, Mar 12, 2015 · 09:50 PM
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New York

MANHATTAN'S smallest apartments are fuelling big gains in rents.

The median rent in the borough jumped 8.9 per cent last month to US$3,375, according to a report Thursday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. Costs for studio apartments climbed 10 per cent to a median US$2,351, while rents for one-bedrooms rose 9.4 per cent to US$3,400, both the highest in more than seven years of record-keeping.

New York's smaller apartments are luring new tenants entering an improving job market in the city, as well as those who can't afford bigger homes. Would-be buyers who have been shut out of owning because of h…

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