Surprise, Surprise: New York Becomes Even Less Affordable

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Kristian Stevens
Manhattan living has become more overpriced than before, even though there are more open apartments than in January 2011, a new study has found.

Citi Habitats, one of the town's largest real estate firms, says that rents have gone up 5 percent compared to last year.

"While rents often decrease during the winter months, this year seems to be an exception, and apartments continue to rent for increasingly high prices," Citi says in a statement.

(Groan.)

Some details from Citi's survey?

The average Manhattan residential rental cost $3352 in January 2012. In 2011, it was $3183.

Borough studios are said to cost around $1967, up 6 percent from last year, while one bedrooms weighed in at $2652, 5 percent more than last year.  The more bedrooms, the bigger the bill: Two bedrooms rented for an average $3762 and three bedroom units increased 4 percent, to $5026.

A few other interesting tidbits from the research?

SoHo/TriBeCa were the trickiest neighborhoods to find a place to live -- vacancies there were a scant .40 percent.

Gary Malin, who runs Citi Habitats, says that Wall Street bonuses will play a big role in apartment prices -- if the one percent doesn't do quite as well, they'll remain renters, which will make the market more difficult for everyone to navigate.

Follow Victoria Bekiempis @vicbekiempis.
 


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7 comments
Craig Wilson
Craig Wilson

In the late 70s you could rent a small apt in LA Calif for $150  or 95.  In the 60s.... less than 100.  In Fla in the 1990s you could buy a modest house in Tampa for $20 K, a nice house on the water for $100 K.  But  a typical job paid $7 per hr an Engr made $14 per hr  .. but gas cost the same as in Calif or NY.. food cost the same, no one can live on $7 even in 1990.  I returned to LA Calif to my $15 / hr job and by 2005  was making $35 per hr.  It all depends where you live and what educ you have or talents..

Seven
Seven

Prices don't just magically go up while realtors passively watch. Realtors set those rates.

Abc
Abc

Maybe the occupiers should be protesting all these crazy high rents and demand that landlords give them a free place to live. The landlords are also the 1%ers.

Mike L
Mike L

By protesting all of the corruption that leads to the big bonuses at big banks and the banks' ability to act with impunity, protesters are also protesting the negative effects of such corruption including housing-related effects (like high NYC rents, and illegal or excessive foreclosures around the country). In fact, Occupy Our Homes directly protests "wrongful foreclosures and evictions." http://occupyourhomes.org

Tjcva2ca
Tjcva2ca

CitiHabitats like any realty company is in the business of Selling and renting apartments. They'll tell you all day about lack of inventory and how prices have gone up- no shit- it makes there job easier and more profitable, " yea inventory is low and prices have gone up, that's just the market.. You should jump on this one right away!" judge the source

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