Now that we've all had a chance to settle into 2011, it's time to take a look at what the rental market did for the first twelfth of the year. Out today is the January market report from the team at Citi Habitats. It shows higher rents and lower vacancies in the Manhattan rental market to kick off the new year.
Rents were up only slightly compared to the December stats, but the difference is sharper when looking at the January 2010 numbers. Studio prices went up 7 percent, one- and two-bedrooms were up by 9 percent, and three-bedroom rents were 9.5 percent higher. Should renters be running for the hills?
Making things harder for renters on the prowl, the vacancy rate also dropped in January, to 1.26 percent. That's compared to 1.59 percent a year ago, with the lowest vacancy rates now in the expected neighborhoods of the West Village, Chelsea, and Soho/Tribeca. The full breakdown by 'hood: