Ilya Marritz covers business for WNYC.
Residential Rents on the Increase in Manhattan
Wednesday, February 09, 2011
There's fresh evidence the rental market in Manhattan is rebalancing in favor of landlords.
Citi Habitats, a big Manhattan broker, recently reported the vacancy rate was down in January, while the rent on a studio or one-bedroom was up about seven percent, compared with one year earlier.
Gary Malin, President of Citi Habitats, said this confirms a trend that began last summer.
"The market has rebounded incredibly well," Malin said. "Owners aren't having to spend a lot of money to attract clientele, and they're also getting higher price points."
Malin said landlords are no longer offering many incentives like a month's free rent as they did in the worst months of the recession. The vacancy rate has declined from a peak of 2.46 percent to 1.26 percent. Those figures from a sample of more than 700 apartments changing hands in Manhattan.