The number of apartments for rent in Manhattan rose in August for the first time in eight months. Real estate broker CitiHabitats said the vacancy rate increased to just over 1 percent. But even as renters had more choice, rents remained unchanged from July. The average monthly cost of a studio was just over $1,800 and just under $2,500 for a one-bedroom apartment in Manhattan.
"It's still a landlord's market, and tenants need to be prepared to act because there's not a tremendous volume of apartments out there right now," said Gary Malin, president of CitiHabitats.
And finding a deal -- like a month's free rent or the landlord paying the broker's fees -- is rare. Only one in five apartments rented by CitiHabitats included deals for renters.