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
Fri, Mar 13, 2015 - 5:50 AM
Rents are rising "because of the logjam that has been created by people who have been priced out of the purchase market or don't qualify for a mortgage", said Jonathan Miller, president of Miller Samuel.
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...