As The Real Deal has previously reported, Manhattan rents generally decrease and the vacancy rate rises after October, though this year that seasonal dip has been very small.

While rents in Manhattan dropped 1 percent in December, absorption was strong, and it’s still a landlord’s market, the report says.

The Upper West Side saw an overall rent decrease of 2.4 percent in December compared with November, while the Financial District saw a 1.7 percent drop, based on increased inventory. As a result, concessions are returning to the FiDi market, the report says. The largest drop since November was for non-doorman studios in Murray Hill, where rents were down 8.8 percent. — Guelda Voien [more]

Manhattan rents changed slightly between March and April, according to
the April rental market analysis released today by brokerage Citi
Habitats. Studio apartment rents held steady at an average of $1,774.
One-bedroom rents fell slightly to $2,434 from $2,443, and two-bedroom
rents dipped to $3,460 from $3,551. Rents for three-bedrooms rose to
$4,607 from $4,594. The overall vacancy rate fell to 2.28 percent from
2.37 in March. Midtown East had the highest vacancy rate, at 2.7
percent, of the 11 neighborhoods included in the report, while the
Soho/Tribeca area had the lowest, at 1.78 percent. TRD [more]