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LES Apartment Rents: Not Much Change in May

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The Manhattan brokerage firm, "The Real Estate Group," is out with its May rental market report. "It's clear to us consumer demand is back" for New York City apartments," the report declares. But there's this caveat:

"…our consumer base is not as optimistic as the demand numbers indicate.
Many potential renters have told us that the issues with securing
employment in Manhattan have not subsided and while many new grads are
looking for housing in the city, a great deal of them are doing so
without employment or with start dates that have been pushed back."

Prices of Lower East Side studios are up about 9% since April. Doorman one bedrooms increased 3.72% in the neighborhood. Non-doorman 2 bedrooms were up about the same amount. The mean price for a non-doorman one-bedroom in the LES in May was $2433. You can see the full report here.

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