Streams

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.

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Comments [1]

Glenwood

The market is indeed beginning to tip towards landlords, but as demand picks up, so will construction.

Aug. 25 2011 02:42 PM

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