NYC Apartment Agent

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Manhattan Rents Rise As Vacancy Rate Drops

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NYC Apartment Agent: Manhattan Rents Rise As Vacancy Rate Drops

NYC Apartment Agent: Manhattan Rents Rise As Vacancy Rate Drops

NEW YORK — Manhattan rents, as predicted, have experienced a 10 percent increase from a year ago — with inventory tightening, as well.

One-bedroom apartments averaged $2,672 and two-bedroom units were $3,757 per month, according to The Real Deal. Those dollar figures represent a rise of 9.2 percent and 10.8 percent, respectively compared to the second quarter of last year. The article also finds:

The most expensive area was the West Village where one-bedroom rents reached $3,457, followed by Soho and Tribeca where one-bedrooms netted $3,454 on average. The least expensive areas were Upper Manhattan and the Upper East Side, where rents averaged $2,621 for a one-bedroom apartment.

Meanwhile, the borough’s vacancy rate was 0.72 percent for the quarter, the lowest rate since the firm began tracking the statistic in 2002. Last quarter’s vacancy rate was 1.08 percent, and the rate stood at 0.97 during the same period a year ago.

Earlier forecasts of rising rents in New York and across the United States hinged on increased hiring.

The Best Apartment Deal in New York

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The Best Apartment Deal in New York

Don't bet on the apartment lottery when it comes to New York.

Everybody loves a deal.

But with Manhattan’s apartment vacancy rate at 0.9 percent in January, generally one of the slowest months for rentals, that is getting harder to come by.

Crain’s New York also reports a 6.2 percent increase for market-rate apartments, to $3,010 per month.

The term “apartment lottery” comes to mind; it would be great to win, but no one is quitting their day job just yet.

Written by Bruno

2011.04.22 at 17:38

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