In recently published rental data, several neighborhoods of Manhattan turned in average rents of over $4000 per month for a 2 BR apartment. The prices moderate as one travels into and beyond Morningside Heights. But Midtown and, especially, Downtown still experience high demand, low vacancy and increasing prices. All the major analysts expect the trend to continue through 2016.
And this, in spite of the fact that a 15% brokers fee is still charged by apartment finders - and that's 15% of the annual rental cost.
There are less expensive options in Brooklyn, Queens and the New Jersey towns just across the Hudson from Manhattan. As in other parts of the country, increased building of new rental units cannot keep pace with demand. The New York City economy is robust and the lure of the big city draws people from all over the world.
