NEW YORK CITY-Average apartment rents in Harlem in the past year have risen nearly 12%, outperforming all other markets in Manhattan, according to residential brokerage firm MNS.
In its February Rental Market report for Manhattan, MNS states that average asking rents in Harlem jumped 11.8% to $2,449 per month, up from $2,190 in February 2013. Andrew Barrocas, CEO of MNS, attributes the growth in average asking rents in Harlem to surging demand for larger doorman apartment units.
Barrocas also says there has been a notable shift in the ratio of available non-doorman to doorman units since January. The availability of doorman units increased from 55.7% of all units to 62.3% this month; non-doorman units sit a 37.7%.
The average asking rent in Manhattan in February dipped by 0.46% from $3,833 the previous month to $3,816. The MNS report states that the Upper West Side has seen a 3.5% increase in rents since February 2013, from $3,404 to $3,524. The year-over-year increase has been driven by growing demand for non-doorman units there, according to Barrocas.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
