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Market Reports: More of the Same in October's Rental Market

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Before we all become completely obsessed by the upcoming holidays, there's one more blast-from-the-past market report to consider. Today Citi Habitats released its Manhattan rental numbers for October, and the results are pretty much what we've come to expect: rents are still down and vacancy is still up. The rent declines from September were teeny tiny, around 1 percent in each category, but not-so-shockingly were larger -- between 6 and 9 percent -- year-over-year. The Manhattan vacancy rate overall stood at 1.86 percent for the month. Not all is dismal in the rental market, though: Citi Habitats reports that transaction volume is up more than 30 percent over October '08.
· October 2009 Market Report [Citi Habitats]