Harlem Rent Prices Soar To New Records

February 13, 2014

east-harlem-e12867272964941Harlem led the way when it comes to rising Manhattan rents over the last year, a real estate report released Thursday found.

New York real estate group MNS said average rents in the borough went up 1.9% from $3,762 in January 2013 to $3,833 last month. Harlem saw a 9.4% average rent price increase during that same period from $2,191 last year to $2,397 in January.

Andrew Barrocas, the CEO of MNS, said the surge isn’t surprising because the neighborhood has blossomed into the city’s new hot spot and draws in plenty of working class people.

“Certain pockets of Harlem developed quite a bit. An area like Frederick Douglass Boulevard from 116th Street 125th Street is now restaurant row,” he said.

Barrocas predicts the rents will keep increasing as more trendy businesses set up shop and new units become available.

“The writing is on the wall for what’s coming up there,” he said (source).

New York
New York (Photo credits: www.roadtrafficsigns.com)

By submitting this form, you are consenting to receive marketing emails from: Harlem World Magazine, 2521 1/2 west 42nd street, Los Angeles, CA, 90008, https://www.harlemworldmagazine.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
We're your source for local coverage, we count on your support. SPONSOR US!
Your support is crucial in maintaining a healthy democracy and quality journalism. With your contribution, we can continue to provide engaging news and free access to all.
accepted credit cards

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles