Manhattan vacancy rates, rents improve in November

New York /
Dec.December 07, 2010 10:36 PM

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


Related Articles

arrow_forward_ios
Rhino co-founders Parvaag Sarva and Ankur Jain (Getty; LinkedIn)
Rhino raises $95M and eyes IPO
Rhino raises $95M and eyes IPO
Signature Bank president Joseph DePaolo (Getty Images; iStock)
Signature achievement: Bank’s loan deferrals down to 9%
Signature achievement: Bank’s loan deferrals down to 9%
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
President Joe Biden (Getty; iStock)
Biden to extend limits on evictions, foreclosures
Biden to extend limits on evictions, foreclosures
Zillow CEO Rich Barton (Illustration by The Real Deal)
Zillow is now charging for rental listings
Zillow is now charging for rental listings
CHIP executive director Jay Martin (iStock)
Rent-stabilized tenants owe landlords more than $1B
Rent-stabilized tenants owe landlords more than $1B
Cea Weaver (Photos via Twitter; Getty; iStock;)
How a socialist on City Planning Commission would affect real estate
How a socialist on City Planning Commission would affect real estate
John Catsimatidis (Getty)
John Catsimatidis wants to add three more rental towers in Coney Island
John Catsimatidis wants to add three more rental towers in Coney Island
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...