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Manhattan Rental Apartment Market May Be on Upswing.
Knight Ridder/Tribune Business News, January, 2004
By Christian Murray, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News
Jan. 20--Renters looking for Manhattan apartments have been lured in recent years with classified ads saying "rents slashed" or "one month rent free," but those days may be over.
The rental market, which took a pounding in 2002, appears to have bottomed out, according a report by the Manhattan-based Corcoran Group obtained by Newsday yesterday.
The 2003 Corcoran Rental Report showed that the average rent for a Manhattan apartment was up 7 percent for the year, to $3,333 a month. That increase follows 2002, when rents dropped on average 5 percent from their 2001 prices.
But the 2003 rental average is a little overstated, said Pam Liebman, chief...
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