Manhattan Apartments Vacancy Rate Increase

December 08, 2010 / Russell Legato, Residential Property Analyst

Rents for Manhattan apartments climbed about 1.29 percent last month, a notch higher than October’s 1.24 percent vacancy rate according to Citi Habitats, a real-estate brokerage firm. Rents rose for Manhattan apartments as vacancy rate minimizes and concession were down notably compared to last year.

Manhattan Apartments Vacancy Rate Increase

The President of Citi Habitats, Gary Malin said that the recent market is a lot better than last year.

Malin also said the residential real estate market is returning to its normal flow.

A survey done by the Real Estate Board of New York recently shows that about 26 percent more real estate brokers reported numerous Manhattan apartments closing rental transactions at asking prices compared to last year.

Manhattan apartments’ average rate were up a notch in November compared to the figures in October, and its shows significant developments compared with the same period in 2009.

New Manhattan apartments are being rented at a fast pace. One example is the Beatrice in Chelsea, which is already 70 percent leased since its August opening.

Average renting price for a single bedroom unit in the city was $2,545, which increased about 9 percent during the same period in 2009. For two-bedroom and three-bedroom units, average price went for $3,459 and $4,618, about 5 percent increase from last year.

The city most affordable community was Washington Heights for about $1,313 monthly, while the most expensive neighborhood is SoHo/Tribeca with $3,661 a month.

Landlords for Manhattan apartments offered concessions to their potential renters such as compensation of the broker’s fee or a free month’s rent, but it is now in favor with the owners rather than the tenants.

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