Manhattan sees increase in apartment rents and vacancies: Report
More and more apartments have been popping up in Manhattan this summer but they are coming with a heftier price tag than usual.
A report released by Citi Habitats Thursday showed average rents for the borough have reached another record high with studios going for $2,078. At the same time, the number of available apartments has also increased to an average vacancy rate of 1.2% from 1.01% in June.
Gary Malin, the president of Citi Habitats, said the increase in apartments and prices shows that home seekers are waiting it out before they get anew pad.
"Many college students, who in the past may have opted to move to Manhattan early to spend summer in the city, are now finding that prospect cost-prohibitive," he said.
Harlem, Morningside Heights and the Upper East Side were the neighborhoods with the lowest rents, according to the report.
Murray Hill, the East Village and the Upper East Side lead the borough with vacancy rates.
"On the Upper East Side, there is a large demographic and a large diversity of buildings," Malin said.