Average Manhattan rental prices for all apartment types except studios posted a monthly drop of 1% in September 2009, according to the CitiHabitats latest rental analysis report.
In particular, monthly rents in September 2009 averaged $2,420 for a one-bedroom apartment, $3,343 for a two-bedroom apartment and $4,541 for a three-bedroom apartment, all representing a decrease of 1% from their August 2009 levels.
In September 2009, the average rental price for Manhattan studios remained unchanged at its August 2009 level of $1,749 per month.
As was the case in previous months, in September 2009 there was significant variation in Manhattan rental prices for apartments across submarkets. In particular, the Wall Street/BPC submarket registered the highest studio rental rate of $2,139 per month, while the lowest studio rate of $1,055 per month was registered in Washington Heights.
The SoHo/TriBeCa submarket registered the highest monthly rents for one-, two- and three-bedroom apartments, which averaged $3,178, $5,128 and $7,160 respectively.
The lowest Manhattan rental prices for one- and two-bedroom apartments were registered in Harlem where they averaged $1,458 and $1,718 per month, respectively. The lowest monthly rents for three-bedroom apartments were registered in Washington Heights, where they averaged $2,100.
According to the CitiHabitats report, apartment vacancies in Manhattan in September 2009 ranged from 1.09% in SoHo/TriBeCa to 2.49% in Upper East Side.
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