Manhattan Rental Market: Prices Up, Vacancies Down
Friday, May 13, 2011
If you are out this weekend looking for an apartment to rent in Manhattan, your options could be limited. A recent report from Citi Habitats, the New York residential real estate agency, finds that the "tenant's market" of the last few years is fast disappearing.
"The market has turned into a landlord's market with prices up, vacancies down and concessions all but eliminated," said Gary Malin, the President of Citi Habitats.
The report, based on data from Citi Habitats' clients, found that in April 2011 the average monthly rental price for a studio was $1967, a 9 percent increase compared to the same month in 2010. The average rent for a one bedroom was $2643, a 10 percent jump, while two bedroom apartments rented for an average of $3711, an 11 percent increase. The average three bedroom unit rented for $4946, 12 percent higher than in 2010.
Just finding a place to rent could be tough. The vacancy rate in Manhattan is less than one percent, meaning few apartments are even available for rent.
But Malin does have some tips for renters. "Be prepared when you enter the market bring funds to secure your apartment and make sure that you have all the available paperwork necessary, because any delay could ultimately result in you losing your dream apartment," said Malin.