What a year difference! Especially in the case of rental housing in New York, where the average rent in Manhattan has exceeded $5,000.
Take, for example, Apartment 701 at 200 E. 11th St., a 54-unit rental building known as Eleventh and Third, which was rented last week for $6,500 a month. The one-bedroom apartment has new glass-paneled windows, polished concrete kitchen countertops, walnut floors — and was rented in March 2021, during pandemic-era lows, for $5,150, with one month free.
“There were concessions offered for every apartment,” Living New York agent Dib Sankari, who handles the building’s lease, told The Post of activity there in 2021. to pre-pandemic levels — and have risen even higher since then, continuing to break records in the process. “We are at or above pre-COVID prices. We see this all the time in the East Village and all the buildings in Lower Manhattan, and we no longer offer concessions,” Sankari said.
One bedroom apartment of 471 sq. a foot at 250 E. Houston Street was recently rented for $5,050; A year earlier, and seven blocks west, a much larger, 713-square-foot, one-bedroom apartment at 229 Chrystie St. cost the same. A 626-square-foot studio at 41 River Terrace in Battery Park City was sold last month for $5,055; back to the same time last year, $5 less a month was enough to get a 1,454-square-foot two-bedroom apartment at 15 Broad Street in the nearby Financial District.
The rapid rise coincided with a rapid growth in demand for urban housing. Schools reopened, offices eventually did the same, and out-of-towners working remotely moved to the Big Apple, creating a crowded rental market. Tenants began to receive large discounts for lease renewals, and bidding wars broke out over housing shortages. Then, last month, the average rent in Manhattan reached a dizzying peak of $5,058 a month—the first time in history they’ve crossed the $5,000 mark, according to the latest data from Douglas Elliman and Miller Samuel.
High rental rates combined with low inventory likely means these exorbitant prices will remain for at least the next few months.
“The rental season peaks in August each year, so we expect demand to pick up over the next couple of months,” said Miller Samuel’s Jonathan Miller. “In the short term, it is likely that rents will continue to rise.”
So, what does $5,000 get you in Manhattan these days – and how does that compare to last year, when a few locals got lucrative deals on the best homes? Read on and try not to cry.
In posh Soho, $5,000 delivered quite a lot, including this sprawling 108 Wooster Street loft that was rented for that amount in February 2021.
The 1,272-square-foot space features hardwood floors, high ceilings, large windows, and industrial features like columns.
There is also a large living room, dining area and separate sleeping and office areas. Meanwhile, the chef’s sleek open kitchen is adorned with stainless steel cabinetry and appliances.
“We’ve received a request,” Compass agent Sean Williams, who sold the listing, told The Post. “I had a lot of interest… Right now, it’s probably going to cost at least $7,000.”
You can still get a pretty decent seat – just get ready for half the seat.
The studio at 349 West Broadway, which recently asked for $5,000 and was rented this week, is just 450 square feet.
Despite being beautifully refurbished, there is only a small sleeping loft that can be accessed via a staircase that also doubles as storage.
While the kitchen has been updated with granite countertops and a dishwasher, there is only half a refrigerator. And while it has a microwave and a two-burner Wolf induction cooker, it doesn’t have a stovetop. According to BOND New York’s Albert Safdie, the bathroom features a marble vanity, a Toto toilet and custom-made furniture.
MIDTOUNE EAST / TURTLE BAY
In January 2021, a one-bedroom, one-bathroom apartment with city and East River views through large casement windows was rented for $5,500.
A relatively new 907 square foot block was built in 2016.
Located at 959 First Ave., it features a custom designed open kitchen and an elegant bathroom with marble tiles and Waterworks fixtures. Even better, it comes with a built-in washer/dryer.
Building amenities include a full-time doorman, concierge, fitness center, game room, living room with fireplace, patio and bike storage, according to Compass.
Today you can find it on the rental market for $6,600.
You can still find good apartments for the same price in the area, but you will lose space and luxury finishes.
Located at 155 E. 29th St. in the Biltmore Plaza building, a one-bedroom, one-bathroom apartment is rented without a commission for $4,825.
But its area is only 492 square feet. However, this is enough for a large bedroom and living room, as well as a small kitchen and an outdated bathroom.
On the positive side of this unit are the building’s cool amenities, including a large swimming pool and large gym.
UPPER EAST SIDE
A year ago, $5,225 could buy a luxurious one-bedroom, one-bathroom apartment in Lenox Hill, with lots of windows and breathtaking views of the city.
This particular residence at 501 E. 74th St. is a corner apartment with two glass doors leading to a round balcony – a rarity in the city.
Covering 792 square feet, it also features a windowed chef’s kitchen that includes stainless steel appliances and a washer/dryer, according to a previous listing sold by BOND New York.
Meanwhile, the bedroom has a walk-in closet with a spa-style bathroom that has a deep soaking tub.
Approximately $5,200 in the same area today won’t allow you the same luxury, but you’ll still find a reasonable unit.
Apartment at 300 E. 75th St. 650 square feet offers a large living room and bathroom, as well as a separate small kitchen. The bedroom is large enough to accommodate a large double bed.
However, this smaller block of Lenox Hill offers no dream features – and much less natural light.
This time last year it was rented out for $4,295.
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