Crain’s New York: “Robust market lifting apartment rents”

A report on Manhattan apartment rentals just came out, and it ain’t pretty for those of us on the lower income scale. I’m glad I moved when I did, and I’m glad I found the deal that I did. I’m also glad that I moved out of Spanish Harlem…

The Manhattan residential rental market remained strong during the first quarter of this year with rents rising and vacancy rates falling, according to two industry reports released Thursday.

. . .

The upward pressure on prices came as the volume of new apartment leases signed surged to 6,665 in the first quarter, up 150% from the same time a year ago.

“The rental market is more robust than it has been in the last couple of years,” said Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. “The market has tilted in favor of landlords.”

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