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![rent stabilized apartments]( "rent-is-too-damn-high")
Apartments for rent in Manhattan hot.
West Village is Manhattan’s most expensive rental area.
According to Citi Habitat’s report, Manhattan rents show a year-over-year increase of about 10%. The number of apartments for rent in Manhattan has also dropped to a vacancy rate of only 0.72% for the quarter, the lowest vacancy rate since at least 2002. Last quarter’s vacancy rate was 1.08%.
Prudential Douglas Elliman’s Real Estate Report reports that for the same quarter, Manhattan rents climbed 7% – not the 10% reported by Citi Habitat’s report, according to Miller Samuel Inc., which prepared the PDE Report.
Landlord concessions to lure new renters have all be disappeared, whereas last year at this time, 60% of all new leases had some kind of concession.
For the first time in years, apartment seekers are finding themselves in bidding wars for units, while few vacancies make many landlords unwilling to offer tenet concessions that were commonplace during the recession.
“The growth is robust, but it’s not done yet. We’ve still got a ways to go,” says Jonathan Miller, who wrote the Prudential Douglas Elliman report.
Even with the quarterly increases, Mr. Miller contends that average rents still haven’t returned to the levels of 2006. He said tenants were paying an inflation-adjusted $4,793, on average, during the fourth quarter of 2006. Without adjusting for inflation, average rent was $3,874 in the fourth quarter of 2006, says Mr. Miller.
New York rents remain the highest on average in the nation during the second quarter, according to a report released by Reis Inc. on Thursday.
Sections of this blog post were derived from information reported by the Wall Street Journal. View their complete story here. Other information came from Crain’s New Yorki Business. View the Crain’s story here.
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This post originated from http://www.Rent-Direct.com/blog Manhattan Rents Spike in All Neighborhoods and All Apartment Sizes This is the blog for Rent-Direct.com and RDNY.com - New York's largest and most trusted No Fee apartment rental service. NoFeeRentDirect.com
