What a difference a year makes! Especially in the case of rented housing in New York City, where the average Manhattan rent has exceeded $5,000.
Take, for example, Unit 701 at 200 E. 11th Street, a 54-unit rental building known as Eleventh and Third, which rented last week for $6,500 a month. The one-bedroom divider has new glazed windows, polished concrete kitchen counters, and walnut floors — and it rented in March 2021, a time of pandemic-era lows, for $5,150, with a free month to run.
“There were concessions on every apartment,” Deep Sankri, the New York neighborhood agent who leases out the building, told The Post of Activity there in 2021. With pre-pandemic levels – and have since risen higher than ever before, it has continued to break records in the process. “We are at or above pre-COVID prices. We are seeing this constantly in the East Village and all lower Manhattan buildings, and we are no longer making concessions,” Sankari said.
One-Bedroom 471-Square-Foot Apartment at 250 E. Houston St. Recently rented for $5,050. A year ago, seven blocks west, a 713-square-foot one-bedroom unit at 229 Christie Street cost the same. Last month, $5,055 brought in a 626-square-foot studio at 41 River Terrace in Battery Park City; Back in the same time last year, $5 less per month was enough to score a 1,454-square-foot one-bedroom on 15 Broad Street in the nearby financial district.
The sharp rise coincided with the increasing demand for city housing. Schools reopened, offices eventually did the same and remote workers moved out of towers to the Big Apple, creating a crowded rental market. Tenants have started receiving hefty increases on lease renewals and bid wars have arisen due to their scarcity of availability. Then, last month, average rents in Manhattan peaked at a staggering $5,058 a month — the first time in history they’ve crossed the $5,000 mark, according to the latest figures by Douglas Elliman and Samuel Miller.
Higher rents, mixed with lower inventory, will likely mean these exorbitant prices will remain for at least the next few months.
“The peak rental season is in August each year, so we expect demand to increase over the next couple of months,” said Jonathan Miller, of Miller Samuel. “In the near term, it looks like we will see rents continue to rise.”
So what are you getting up to $5,000 in Manhattan these days — and how does it compare to last year, when a number of locals scored great deals for better homes? Read on and try not to cry.
In luxurious Soho, $5,000 makes a big difference, including this spacious loft at 108 Wooster St. , which was leased for this amount in February 2021.
The 1,272-square-foot space features wood floors, high ceilings, large windows, and industrial touches like columns.
There is also a large living area, dining area, separate bedroom and office nooks. Meanwhile, the chef’s elegant open kitchen is decked out with stainless steel cabinets and appliances.
“We’ve received the order,” Compass agent Shaun Williams, who marketed this list, told The Post. “I had a lot of interest…that rent would probably be at least $7,000 now.”
You can still get a pretty decent spot – just brace yourself for half the space.
A studio at 349 West Broadway recently asked for $5,000, and rented this week, spanning just 450 square feet.
While nicely remodeled, there is only a small sleeping loft accessed by a staircase that doubles as storage.
While the kitchen is updated with a granite countertop and dishwasher, there is only half a refrigerator. And while it has a microwave and Wolfe’s two-burner induction hob, there isn’t. The bathroom comes with a marble dressing table, Toto toilet, and custom-made cabinets, according to Albert Safdie of BOND New York.
MIDTOWN EAST / TURTLE BAY
In January 2021, a one-bedroom, one-bathroom unit with city and East River views through oversized windows was rented for $5,500.
The relatively new unit spans over 907 square feet and dates back to 2016.
It is located at 959 First Ave. It offers a custom-designed open plan kitchen and elegant bathroom with marble tile and Waterworks fixtures. Even better: It comes with a washer/dryer in the unit.
Building amenities include a full-time concierge, concierge, fitness center, game room, residents’ lounge with indoor fireplace, courtyard, and bike storage, according to the listing from Compass.
Today, you can find it on the rental market for $6,600.
You can still find beautiful apartments for the same price in the area, but you will be missing out on space and luxury finishes.
Located at 155 E. 29th Street in the Biltmore Plaza Building, this one-bedroom, one-bathroom property rents free of charge for $4,825.
But it only spans 492 square feet. However, this is enough space for a large bedroom and living room, as well as a small kitchen and an old-fashioned bathroom.
The plus side of this unit is the great amenities on the premises, which include a spacious swimming pool and a large gym.
upper east side
For $5,225 a year ago, you could get a luxurious one-bedroom, one-bathroom unit in Lenox Hill that boasts ample windows and stunning city views.
This private residence, located at 501 E. 74th St. , is a corner unit that features two glass doors that open onto a wraparound balcony – a rarity in the city.
Spanning 792 square feet, it also comes with a windowed chef’s kitchen that includes stainless steel appliances and a washer/dryer, according to a previous listing marketed by BOND New York.
Meanwhile, the bedroom features a large walk-in wardrobe with a “spa-inspired” bathroom complete with a deep soaking tub.
Nearly $5,200 in the same area today won’t give you the same luxury, but you’ll still find an affordable unit.
Unit at 300 E. 75th St. Spanning 650 square feet, it offers a large living area and bathroom, as well as a smaller separate kitchen. The bedroom is large enough to accommodate a king size bed.
However, this smaller Lenox Hill unit doesn’t offer dreamy features – and much less natural light.
This time last year, it was rented for $4,295.