The Real Deal New York

High East Village rents leading to higher vacancy rate

The East Village had a vacancy rate of 2.08 percent in August
September 13, 2014 01:00PM

With rents in both the East and the West Village soaring, residents are fleeing, giving those neighborhoods some of the highest vacancy rates in Manhattan, according to a report released Thursday.

In August, the East Village had a vacancy rate of 2.08 percent, while the West Village had a 1.58 vacancy rate, according to Citi Habitats data cited by DNAinfo.

“The reality is these prices are getting to the point where tenants are like, ‘You know what? It’s not worth it,’” Gary Malin, the company’s president, said.

Malin added that even though the East Village is relatively affordable for Manhattan, many feel that they can find better value elsewhere.

Last month, the average rent for a studio apartment in the East Village was $2,191, while one-bedroom units went for $2,613, according to Citi Habitats. [DNAinfo]Christopher Cameron