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Manhattan Rents Want to Start Breaking Records Again

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Happily for our data-loving hearts, brokerages Citi Habitats and MNS both released their February rental market reports at midnight. And as the thermometer reaches for the mid-60s, we can all agree no one in NYC experienced winter this year ?not even landlords. Citi Habitats has the average February rent at $3,376/month, 5 percent higher than last February and only $18 below the average recorded at the rental market peak in May 2007. According to MNS, rents are up an average of 6.5 percent. Month-to-month, according to Citi Habitats, rents fell 2 percent for studios and rose 2 percent for one- and two-bedrooms.

The vacancy rate in February was 1.25 percent, lower than the January number but higher than the 1.18 percent recorded in February 2011. So where's a bargain-hunter to go in an unseasonably hot market? MNS recommends looking in Murray Hill for doorman one-bedrooms and above Midtown for anything else. For those looking to upgrade, FiDi and Harlem are the best bets right now. Real life confirmation or disagreement welcomed from the renters out there.
· Market Report [Citi Habitats]
· Manhattan Rental Market Report [MNS]
· Rental Market Reports coverage [Curbed]