Manhattan Apts/ Rental Market Report May 2011
WoW! What a spring and summer season this is turning out to be. Extremely tight inventory has left prospective renters left with no choice but to pay higher prices and left with almost nothing to choose from.
I have not seen it this tight - ever. Manhattan is already known to have an average of a 1% vacancy rate; at times a bit higher, at times slightly bit lower. But this time, we are boasting a .69% vacancy rate. Keep in mind that this is data for almost 39,000 buildings from 96th St. to Battery Park; which is considered prime Manhattan area. Last year at this same time we were averaging .98% total vacancy. What a difference a year makes. The peak summer rental months are just beginning, and from what I can see out there, there will be no respite from this rental gouging until September, so hang onto your hats!
Here are some brief rental numbers:
Chelsea: studio-$2393; $3346- 1 bedroom; $4866 - 2 bedroom; $6021 - 3 bedroom
E. Village: $2087 - studio; $2481 - 1 bedroom; $3349 - 2 bedroom; $4432 - 3 bedroom
Lower East Side: $1925 - studio; $2396 - 1 bedroom; $3456 - 2 bedroom; $4033 - 3 bed
Soho/ Tribeca: $2457 - studio; $3467 - 1 bedroom; $5875 - 2 bedroom; $8559 - 3 bed
Upper East Side: $1743 - studio; $2294 - 1 bed; $3531 - 2 bed; $5953 - 3 bedroom
Upper West Side: $1977 - studio; $2613 - 1 bed; $3878 - 2 bed; $6052 - 3 bedroom
West Village: $2290 - studio; $3461 - 1 bedroom; $4445 - 2 bedroom; $6167 - 3 bed
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