The vacancy rate is down and rents are up from a year ago in the Manhattan rental market, an indication that conditions may be improving, according to Citi Habitats’ November rental market report. Year-over-year, the vacancy rate dipped slightly to 1.29 percent, from 1.87 percent in November 2009.
The Soho-Tribeca neighborhood’s vacancy rate clocked in at .63 percent, the lowest of all the regions tracked. The West Village had enjoyed a six-month reign as the neighborhood with the lowest vacancy, prior to this latest report.
Average rents for all apartments in Manhattan climbed significantly year-over-year, according to the report, which is based on Citi Habitats’ closed transactions. Studios and one-bedroom units saw the biggest increases in their average rents, up 9 percent and 7 percent year-over-year, respectively. Two-bedroom apartments saw a 5 percent uptick, while three-bedroom units saw a 4 percent gain from November 2009.
Soho-Tribeca also boasted the priciest average rent in November in all but one category: studios. Chelsea studios narrowly beat the sought after neighborhood with an average rent of $2,260 — Soho-Tribeca’s was $2,140. TRD