The Manhattan residential rental market managed to weather the cold in February, according to a report released Tuesday.
Rents rose an average 8% last month, compared with the same time last year, and recorded small gains from January, adding 0.4%, according to the monthly Manhattan Rental Market Report by brokerage The Real Estate Group NY. Rents for studios in doorman buildings showed the sharpest increase from last year, rising 10.3%.
“Large corporations are hiring this year, and large groups of graduate students are coming into the marketplace,” said Andrew Barrocos, chief executive of The Real Estate Group NY. “There will be demand as we come into the big summer rush.”
In another sign that the rental market remains strong, inventory levels increased only slightly last month from January, up 3.7%. But Mr. Barrocos said that with spring arriving later this month, the inventory will likely be absorbed.
Overall, the rental market has remained steady throughout the past year, the report noted. The lack of apartments for sale and a difficult financing environment continues to boost the rental market, he noted.
The Manhattan Rental Market Report is based on data cross-sectioned from more than 10,000 currently available listings located south of 155th Street and priced under $10,000.