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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

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.

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...

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