Manhattan apartment availability, rents rise in June: Reports
The vacancy rate for Manhattan apartments rose slightly from .89% in May to 1.01% in June, according to a report released today by realty firm Citi Habitats.
The group's president, Gary Malin, said there was also a rise in available homes, due to more tenants ditching their "starter apartments" and buying houses.
Despite the extra space, rents for all apartment types, including non-doorman studios, are continuing to soar, jumping an average of $76 a month, according to the group.
"As the year rolled on, it continued to be a frustrating time to be a Manhattan renter but a great time to be a Manhattan landlord," Malin said in a statement.
Another reality firm, MNS, also found Manhattan rents on the rise but offered a silver lining in its report, which was also released today.
The group said the Upper East Side has had an increase of available apartments and the average rent for studios dropped about $40.
"If you are looking for a studio in the Upper East Side and are wondering when to strike, now would be a good time to seal the deal," the report said.
The MNS report also said the Lower East Side, TriBeCa, the Financial District and Battery Park City saw some decrease in rent last month.