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Manhattan Rents Climbed in August, But So Did Vacancies

The last few months have seen a reversal in rental trends, from the rising vacancy and falling rents of the recession to a shrinking vacancy rate and increasing prices, the usual pattern for summer. August offered an end-of-season blend of the two, according to the most recent market report from Citi Habitats. The average Manhattan apartment rent was up to $3,350/month, 8 percent higher than the August 2010 number. (The record high was $3,394 in May of 2007.) Year-over-year, rents for all apartment sizes went up; month-to-month, only studios and 1BRs showed an increase in prices. The deals are in walk-up buildings, where the average rent is $3,150/month. For new construction doorman buildings, that number's more like $5,280/month.
In slightly better news for renters (at least those with full wallets), the vacancy rate has hit 1 percent, up from July's 0.86 percent. The highest-vacancy neighborhood was Midtown East, with a 1.26 percent rate. The West Village is holding strongest with 0.35 percent vacancy:

· Market Reports coverage [Citi Habitats]
· Rental Market Reports coverage [Curbed]