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Manhattan Rental Vacancies in May Back to 2007 Levels

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According to a report by Citi-Habitats, the rental market is bouncing back to pre-recession numbers. The vacancy rate for the first quarter of 2011 was around 1.08% but it's between April and May when the rental action really heats up. We don't see the actual report on Citi-Habitats yet but according to the Wall Street Journal the vacancy rate for May is just around 0.7%, which is way down compared to 2009's brutal 2.5%. What's more, concessions to renters have pretty much gone the way of landlines with only 8% of rentals having to lure in renters with offers. Back in 2009 that number was 60%. Maybe the high-end rentals trend is just a trend towards rentals overall. With more people still reeling from the housing crash and fewer people even getting mortgages, this could be the summer of the rental. Bidding wars and all.
· Rents on the Rise Again [WSJ]
· Citi-Habitats [Citi Habitats]
? Graphic via WSJ