Manhattan rents up 8 percent from last year

TRD New York /
Feb.February 08, 2011 06:34 PM
Source: Citi Habitats
 

Average Manhattan residential rents climbed 8.13 percent in January, compared to the same month a year earlier, according to Citi Habitats’ monthly market report. Despite this year-over-year growth, rents stayed relatively flat between December and January. The average rent in the borough climbed 2 percent for studios, 1 percent for one-bedrooms and 2 percent for two-bedroom units. Three-bedroom apartments saw no change in their average rent. Soho/Tribeca topped the list of priciest neighborhoods in the borough, reporting the priciest average rent on all units, except studios. A three-bedroom unit in the neighborhood had an average monthly rent of $8,400. Washington Heights reported the least expensive rents — a studio there has an average rent of $1,105.

The vacancy rate, meanwhile, dropped to 1.26 percent last month, down from 1.59 percent in January 2010 and 1.34 percent in December 2010. Gary Malin, president of Citi Habitats, said this news encouraged him.

“Tighter inventory has eliminated the need for concessions in most properties except new construction,” Malin said. “As 2011 progresses, apartment-seekers will face a more competitive marketplace than they may expect.” TRD


Related Articles

arrow_forward_ios
Assembly Speaker Carl Heastie (Getty)

Assembly speaker fast-tracks rent relief bill

Assembly speaker fast-tracks rent relief bill
New York State lawmakers have approved a moratorium on evictions for the remainder of the Covid-19 emergency. (iStock)

Eviction-ban bill passed by lawmakers as landlords object

Eviction-ban bill passed by lawmakers as landlords object
Mastercard CEO Ajaypal Singh with 150 Fifth Avenue and Facebook CEO Mark Zuckerberg with Moynihan Station in New York (Getty; Google Maps)

Facebook, Mastercard rethink office footprint

Facebook, Mastercard rethink office footprint
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
New York Chief Administrative Judge Lawrence Marks (Credit: Albin Lohr-Jones/Pacific Press/LightRocket via Getty Images, iStock)

Ruling means NYC eviction discussions can resume

Ruling means NYC eviction discussions can resume
A new survey conducted by a landlord trade association shows that a quarter of New York City renters did not pay any rent in May. (Credit: iStock; Getty Images)

About 25% of NYC renters didn’t pay in May: survey

About 25% of NYC renters didn’t pay in May: survey
Twitter CEO Jack Dorsey and Facebook CEO Mark Zuckerberg (Dorsey by Matt Crossick/PA Images via Getty Images; Zuckerberg by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

Silicon Valley embraces “work from anywhere” ethos

Silicon Valley embraces “work from anywhere” ethos
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

How to open up our offices on tonight’s TRD Talk

How to open up our offices on tonight’s TRD Talk
arrow_forward_ios

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

Loading...