Rental transactions, rates increase in March, Citi Habitats says

Manhattan saw more residential rental transactions last month than in March 2008, according to a monthly rental market analysis from Citi Habitats released yesterday. Manhattan’s vacancy rate also decreased for the first time since May 2008, dropping to 2.37 percent from February’s 2.46 percent. Rents increased slightly over February for all sizes of apartments. Studio apartment rents increased to $1,774 in March from $1,764 in February, while one-bedroom rents went up to $2,443 in March from $2,405. These increases are normal for this time of year, which is the peak rental season, said Gary Malin, president of Citi Habitats. But he called the numbers a “welcome surprise” in this economy. TRD