The Real Deal

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Manhattan rents rise

Rents in Manhattan increased in April, while the overall vacancy rate fell from 1.31 percent in March to 1.21 percent, according to a report by brokerage Citi Habitats. The average monthly rental price for a studio increased 3 percent to $1,874,; a one-bedroom increased 2 percent to $2,636; a two-bedroom increased 6 percent to $3,845; and a three-bedroom increased 13 percent to $5,268. The increases indicate that "peak rental season has started with some momentum," the report said. Average rental prices for studios were highest in the Gramecy/Flatiron area, at $2,254, and lowest in Washington Heights, at $1,006. The most expensive neighborhood for a one-bedroom was Chelsea at $3,355, while the cheapest was Washington Heights, at $1,241. TRD