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Market Reports: Manhattan Rentals Finish Summer Vacation
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We promised we'd never wear summer rental market reports after Labor Day, but the new facts and figures from Citi Habitats were just too hot to pass up. The brokerage's August Manhattan rentals report pretty much agrees with TREGNY's recent take, that the summer market never really gave landlords the boost they were hoping for. Rents were flat from July to August, and down about 8 to 10 percent from last year depending on the size of the apartment. (The reports don't factor in giveaways like a free month of rent or naming rights to a landlord's first born.) Above, a nabe-by-nabe breakdown of average August rents for studios through 3BRs. Not surprisingly, Soho and Tribeca are still the priciest environs.
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But hey, at least there's a bright spot for landlords. After hitting a recent high of 2.46% last February, the Manhattan vacancy rate has been on a steady decline, and now sits at 1.62%. In July it was at 1.67%—thanks returning collegians! The Upper East Side is the most deserted 'hood, at 2.37%.
· Market Reports [Citi Habitats]
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