Manhattan rental market tightens further

The vise keeps tightening around the Manhattan rental market, with a new report showing the borough’s rental vacancy rate dropping to below half of 1 percent — its lowest ever, the report said. The overall Manhattan rental vacancy rate was 0.43 percent in May, according to the report from brokerage Citi Habitats, down from a 0.67 percent rate in April. more By Tom Acitelli