Rental Market Shows a Steady Hand

Rental Market Shows a Steady Hand

$3,315 as an average rent? They must be renting to a different group of people. Of course there are many who can afford that price, but we work with hundreds of renters all the time, and I can tell you that the average, typical renter in Manhattan is paying less than that. I don't know exactly what the average renter is paying, but I'm certain it's less.
Rents on the Rise Again

Rents on the Rise Again

The dog days of summer are back for apartment renters. The Manhattan vacancy rate in May fell to 0.7%, its lowest level in nearly five years, according to broker Citi Habitats. Landlord concessions, such as a free month's rent for signing a new lease, have dried up. Average Manhattan rental prices are just a hair below their 2007 peaks.
Apartment Renters in Manhattan – vacancies are fading…

Apartment Renters in Manhattan – vacancies are fading…

Manhattan’s vacancy rate fell again in May, dipping below 1% for the first time in nearly three years, leaving little supply available during the peak leasing season. That’s quite the turnaround from a year or two ago, when apartments were plentiful and desperate landlords coughed up free rent and paid the broker fee–typically a month of rent–to fill units.