Rental Market Gains In Manhattan, Report Says

With lowering inventory and high demand, Manhattan's rental market saw across the board gains in the third quarter, according to a report released yesterday from Citi Habitats. The average monthly rate for a studio apartment was $1,978 in the third quarter, a 4.8% increase from the same period in 2006. One-bedrooms were renting for an average of $2,613 and two-bedrooms were renting for $3,763, increases of 4.4% and 5.6%, respectively. The average rate for three-bedrooms, $4,910, was only a 0.7% increase from the third quarter of 2006. TriBeCa had the highest rental rate at $2,454, while Washington Heights had the lowest at $1,138, according to the report.