Brokerage Citi Habitats has released its May snapshot of the Manhattan rental market, and it was a good month for putting bodies into beds. A rival report from The Real Estate Group indicated an uptick in market activity lately?kicking off the busy spring/summer rental season?and CH's report confirms it: the brokerae puts the Manhattan vacancy rate at a minuscule 1.72%, the first time it has dipped below 2% since October. In April, the vacancy rate was 2.28%. Chelsea was the most occupied in May, while the Upper East Side was still seeking warm bodies. As for how much folks are paying, let's take a look at the neighborhood-by-neighborhood stats, shall we?
The averages (which don't account for incentives like a month of free rent) declined slightly from Citi Habitats' April numbers, except for 3BRs, which actually got bumped up to $4,657 from $4,607. Ugh, breeders?always ruining it for everyone.
· Market Reports [Citi Habitats]