From the October issue: The rental apartment vacancy rate in Manhattan is up year-over-year, but stayed within the narrow range of 1.07 to 1.75 percent during the 12 months ended in August, a report from Citi Habitats found. Vacancy hit 1.42 percent in August, after reaching its lowest point for the year in May, at 1.07 percent. “I don’t think it will ever go above 2 percent,” said Corlie Ohl, a salesperson at Citi Habitats. With few exceptions, landlords would begin to offer incentives to renters before vacancy were to climb too high, she said.
In prime Brooklyn, median rent passed $3,000 for the first time according to a Douglas Elliman report, in yet another record month that now seems commonplace. “The $3,000 milestone sends a signal that Brooklyn is competing head-to-head with Manhattan,” said Larry Link, president of the Level Group. The borough’s median rent is now just $288 less than Manhattan’s.
But while Brooklyn became even more expensive overall, some neighborhoods saw substantial drops, an MNS report found. Average Bushwick rent, once one of the fastest rising in New York, fell almost 16 percent from August of last year. Also slipping was the average rent in Crown Heights, which fell 11.7 percent.