Manhattan Apartment Vacancies Climb as Rents Reach Record
Manhattan’s apartment vacancy rate rose in August to its highest level for the month in three years as record-setting rents pushed tenants out of the market in the busiest time for leasing, according to Citi Habitats.
The vacancy rate in August, when the greatest number of Manhattan leases are signed, was 1.19 percent, up from 1 percent a year earlier, the brokerage said in a report today. The rate was 0.88 percent in August 2010 and 1.62 percent in 2009.
The uptick signals that tenants are staying on the sidelines after average apartment rents reached a record in March and continued to climb each month, Gary Malin, president of Citi Habitats, said in an interview. A rise in vacancies before the slowest months for rentals may limit the surge in rates and make landlords more flexible on lease terms, he said.
Apartment rents have surged in the past year as a stagnant sales market spurred demand for leasing. Rents averaged $3,461 in August, the highest since Citi Habitats began tracking the data in 2002. Lease prices are 2 percent higher than the 2007 peak of $3,394, the brokerage said.
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