What's true in meteorology is apparently true in the Manhattan rental market as well: the calendar says December, but it doesn't look like anything we think of as winter. Average rents dropped only 1 percent between October and November, and the percentage of rentals leased with concessions also stayed steady, according to the latest rental market report from Citi Habitats. And in a year-by-year comparison, November 2011 actually comes out way ahead. The average Manhattan rental price of $3,315/month is 6 percent higher than it was in November 2010 and 11 percent higher than it was in November 2009. Month-to-month, rents dropped only for studios and one-bedrooms, by a tiny 2 percent.
The November vacancy rate stood steady at 1.16 percent compared to October's 1.18 percent. And it's down from last November's 1.29 percent vacancy rate. Soho and Tribeca remain the least empty 'hoods with a vacancy rate of 0.44 percent, and Midtown West held onto the highest rate, at 1.6 percent.
· Market Reports [Citi Habitats]
· Rental Market Reports coverage [Curbed]