Rental market reports are coming quickly down the pipeline this quarter (they must have heard about Renters Week!) and following a statistical analysis of one-bedroom rentals, today we've got CitiHabitats' number-crunching for October. Overall, rents have remained stable at an average that's only $53 from the market’s peak in 2007. In a nutshell: the borough's average studio rent of $1989/month is up 1% from September, as are 2-bedrooms, while the surfeit of 3-bedrooms has pushed the average rent down by 1% to $4,971/month. As usual, Soho/Tribeca is the priciest nabe on average, though Chelsea studios are equally lucrative. Overall, the average of the average is $3341 for a Manhattan apartment, and hey! Better (or worse, if you're shopping around) than last month.
As for the vacancy rate, no one is leaving the West Village, East Village or Soho/Tribeca: all have rates less than 1%. Midtown West residents aren't exactly fleeing, but it's currently the most highly-vacated 'hood at 1.53%. Manhattan-wide, the average is pushing 1.18%, up from September's dismal 1.08%. Progress!?
· Rental Market Reports coverage [Curbed]
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