NEW YORK: Seekers of smaller apartments in Manhattan have had plenty of company this summer. Swelling demand by both newcomers and locals drove rents for studios and one-bedrooms to an 11-year high.
The monthly median for a studio in July and August was US$2,700, the highest it’s been since June 2008, according to figures released yesterday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. One-bedroom units rented for a median of US$3,595, a record in data going back to the beginning of that year.
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